Major XRP Repricing Could Begin in the Next Few Months: Analyst

XRP is testing a six-year support zone that has previously come right before major upside moves, according to the analyst. Crypto analyst ChartNerd said on August 3 that XRP’s prolonged weakness could be setting the stage for a major market repricing. With the token testing long-term support near $1.06 after months of negative sentiment, the market watcher argued that the current decline is part of a wider crypto correction rather than a sign of weakness in Ripple’s fundamentals. Watching for Larger Moves as XRP Tests Support ChartNerd wrote that being a macro XRP bull during the current downturn has been difficult, especially as altcoins have underperformed Bitcoin (BTC) for much of the cycle. He stressed that nothing is inherently wrong with the asset and described the current period as a normal correction within a larger trend. ‘The next few months are setting the stage for the next market repricing. Maybe the biggest yet,” he stated. His focus is on XRP’s technical structure, with the token again testing the $1.06 support area after failing to break above its daily 20 EMA near $1.08. The 50 EMA near $1.12 is another resistance level, as is $1.16 if buyers regain control. Accord...