Ripple (XRP) enthusiast and cryptocurrency analyst EDO FARINA, predicted in an X post yesterday that the next black swan event may be Ethereum‘s (ETH) downfall. According to the analyst, all ERC-20 tokens could fall together, after which Stellar (XLM) and XRP will be ready to absorb all the real world utility.
Next black swan event is the #ETH downfall. All ERC-20 tokens together.
Stellar and #XRPL are ready to absorb all the real world utility— EDO FARINA 🅧 XRP (@edward_farina) September 24, 2023
Farina included in his post a theory that Ripple’s upper C level was responsible for the creation of Bitcoin (BTC) as a test before introducing XRP to the market. The analyst also stated that Satoshi released a “coloring book” that contained subtle clues related to the concept of Ripple.
Heading into the new week, XRP was one of the many cryptocurrencies that saw its price decrease over the past 24 hours of trading. According to CoinMarketCap, XRP was trading hands at $0.4963 at press time, after its price slipped by 2.46% during the past day.
Meanwhile, the remittance token’s 24 hour trading volume experienced a significant 77+% surge throughout the past day of trading, which left it standing at around $644,271,937. Despite the altcoin’s latest price dip, its weekly performance was able to remain in the green zone at +0.95%.
Daily chart for XRP/USDT (Source: TradingView)
A symmetrical triangle had formed on XRP’s daily chart over the past 3 weeks. This specific chart pattern suggests that the remittance token’s price may breakout soon. Should this pattern be validated, then it may finally lead to the altcoin escaping the consolidation channel between $0.4783 and $0.5515 that it has been trading in for the last 2 weeks.
Should this price break out towards the upside, XRP may flip the $0.5515 resistance level into support before potentially attempting a challenge at the $0.6683 barrier within the following few days. Conversely, a negative breakout may result in XRP dropping to the crucial support level at $0.4120.
Join our Telegram Channel https://t.me/elevenews