Published 9 seconds ago
Amid market uncertainty, the XRP price turned sideways below the $0.433 resistance zone. This consolidation revealed the formation of a descending triangle pattern, indicating the coin holders are under correction threat. By the press time, the coin price trades at $0.39 with an intraday loss of 1.56%. However, a potential breakdown from the $0.39 neckline support will intensify the selling pressure in the market.
Key points:
- The potential breakdown below the $0.39 support will set the XRP price on a 10% downfall
- A flattish EMAs(50, 100, and 200) accentuates a sideways trend
- The intraday trading volume in the XRP is $940.1 Million, indicating a 6.6% loss.
Source- Tradingview
Over the past three, the XRP price has been resonating in a descending triangle pattern. During this pattern formation, the prices face dynamic resistance from a dynamic resistance trendline and a fixed horizontal support.
In theory, the series of lower high peaks formed during the pattern formation indicates the weakening of bullish momentum which eventually leads to a breakdown from the neckline support. A breakdown below the neckline level projects a sign of a potential sell-off and a further downward price movement.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
A daily candle closing below $0.39 will accelerate the selling pressure and offer a short-selling opportunity to traders. The potential downfall may tumble the price by 10% to revisit the $0.355 support.
On a contrary note, despite having a selling likely possibility, a breakout above the pattern’s resistance will offset the bearish momentum and could encourage further growth in the Ripple coin.
Technical Indicator
EMAs: the 50-and-100-day moving near the $0.393 mark enchanted the support power of this level, trying to offset the bearish thesis.
MACD: a bearish crossover, the increasing gap between the MACD(blue) and signal slope accentuates the increased selling pressure in the market.
XRP Intraday Price Levels
- Spot price: $0.396
- Trend: Bearish
- Volatility: High
- Resistance level- $0.4 and $0.436
- Support level- $0.39 and 0.37
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
