Bearish pattern to catalyze 10% decline in XRP price. continue to hold;

XRP news price

Posted 11 minutes ago

Amid market uncertainty, XRP price skewed below the $0.433 resistance zone. This consolidation revealed the formation of a descending triangle pattern, indicating that coin holders are in a correction. As of press time, the coin price is trading at $0.39 with an intraday loss of 1.56%. However, a potential break from the $0.39 neck support will intensify the selling pressure in the market.

Basic points:

  • Possible breakdown below $0.39 support will send XRP price down 10%
  • An EMA level (50, 100 and 200) highlights a sideways trend
  • Intraday trading volume on XRP is $940.1 million, indicating a loss of 6.6%.

XRP priceSource- Tradingview

During the last three, the price of XRP has been resonating in a descending triangle pattern. During this pattern formation, prices face dynamic resistance from a trend line of dynamic resistance and a firm horizontal support.

Theoretically, the series of lower highs formed during the formation of the pattern indicates the weakening of the upward momentum that eventually leads to a break from the neck support. A breakdown below the neck level displays a sign of a possible sell-off and further downward price movement.

Also Read: Explained: What is Physical NFT? and How to sell physical objects as NFTs

A daily candle closing below $0.39 will accelerate selling pressure and provide a short-selling opportunity for traders. The possible downside could send the price down 10% to retest the $0.355 support.

Conversely, despite the fact that there is a potential sell-off, a rise above the pattern resistance will offset the bearish momentum and could encourage further growth in the Ripple coin.

Technical Indicator

EMAs: the 50-day and 100-day move near the $0.393 level has eclipsed the support power of this level, trying to offset the bearish position.

MACD: a bearish crossover, the widening gap between the MACD(blue) and the slope of the signal highlights increased selling pressure in the market.

Intraday XRP Price Levels

  • Spot price: $0.396
  • Trend: Downward
  • Volatility: High
  • Resistance level – $0.4 and $0.436
  • Support level – $0.39 and $0.37

I have been working in Journalism since the last 5 years. I have been following Blockchain & Cryptocurrency for the past 3 years. I have written about a variety of different topics including fashion, beauty, entertainment and finance. Raech out to me at brian (at)

The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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