The post Is Ripple’s XRP Set for a Major Breakout or Just Another FUD Strategy? appeared first on Coinpedia Fintech News
Ripple’s XRP has been experiencing a turbulent period, with its value dropping by 7% over the past two weeks. The cryptocurrency fell to a local low of around $0.50 but has since recovered slightly, currently trading at $0.54.
This recent volatility has sparked discussions in the crypto community, with some experts suggesting that the fear, uncertainty, and doubt (FUD) surrounding XRP might be part of a larger strategy to manipulate market sentiment.
Ongoing FUD Against XRP
NotFinancialAdvice (NFA), a well-known crypto analyst, recently shared his thoughts on the FUD affecting XRP. He suggests that some influential people might spread these negative stories to prevent regular investors from buying XRP at lower prices. This could help these powerful entities buy more XRP at a discount.
Over the time XRP has faced various FUDs including worries about price manipulation, legal issues, and the potential impact of Ripple’s stablecoin (RLUSD). Despite efforts to disprove these concerns, they keep popping up.
While FUD might be pushing away retail investors, XRP’s potential and Ripple’s important partnerships with groups like the International Monetary Fund (IMF) and the United Nations (UN) still attract interest from big institutions.
NFA thinks that this FUD is likely designed to scare off retail investors and let institutions keep more control over XRP.
Potential for a Big Breakout
Despite the FUD, market analyst Steph has presented an optimistic outlook for XRP. Steph points to a bullish technical formation on the daily chart that hints at the formation of an inverted Head and Shoulders pattern.
This pattern suggests a potential trend reversal if XRP closes above the neckline around $0.65.
With XRP currently at $0.54, a successful breakout above this level could trigger a significant rally, potentially driving the price up to $1.11—a 106.31% increase from current levels.