MEXCBearish pattern to Catalyze 10% drop IN XRP Price; Keep Holding?
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.
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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
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