This crypto analyst expressed frustration over XRP’s price action but remains cautiously bullish on its prospects.
A prominent crypto analyst who goes by the name CoinsKid shared his latest views on XRP and the wider crypto market in a YouTube video posted on Dec. 18. While expressing frustrations over XRP’s recent price action, CoinsKid said he remains “cautiously bullish” on the token’s prospects.
XRP is really frustrating. We’ve been writing so many beautiful opportunities up. So many coins, we’ve been posting so many setups in the Discord the last few weeks, and we’ve seen some beautiful moves. […] But then it’s so frustrating. If you’re still sat there in XRP and it’s just going sideways to down, it’s so frustrating that you see these overall coins going up.
CoinsKid
However, the analyst explained that key market metrics suggest investors should not look to sell or short XRP currently. “Because we are sitting at 1.9% in the sell short zone. And then equally what we’ve got down there, if you take a look in the buy long medium zone, we’ve got 41%,” he noted.
So, you know, more the market is sitting in opportunity right now, although it never feels like opportunity when it’s down there.
CoinsKid
In the analyst’s view, the entire crypto market could be bottoming out after last week’s pullback. He spots a “little five wave counter trade” on Bitcoin (BTC) that makes him think altcoins like XRP may start rising again this week.
I still think there’s a case that we are sort of sitting in that same scenario at the moment. […] So if you’ve got a bit of patience, I know it’s getting really stretched at the minute is an absolute joke. But if you can just be patient and wait for the weekly close, I think it will give the game away here.
CoinsKid
CoinsKid caveated that invalidation of his bullish scenario would occur if XRP breaks below key support levels. But so far, he sees the token as still copying the previous price fractal that led to considerable gains.
