NewsletterCompleting This Bearish Pattern, Is XRP Price Revisiting $0.32 Mark?
A bearish breakdown from the support trendline indicates the XRP price completes the bearish pattern i.e., inverted flag. This breakdown hints at the end of the recent recovery and the likelihood for the price to plunge lower. The chart shows a near-demand zone for XRP price at $0.36, will sellers breach it?
Key points:
- The falling volume during the recent growth indicates the recovery phase was temporary
- A bearish breakdown from an inverted flag pattern bolstered holders for a 14.5% drop
- The intraday trading volume in the XRP is $371 Million, indicating an 89% gain.
Source- Tradingview
Concerning the November first-half downfall and the second-half recovery, the daily XRP price chart showed the formation of an inverted flag. In theory, the recovery phase of the pattern is a short break period before the prior downtrend continues.
This bullish pullback observes excessive selling and prepares to replenish the selling momentum. The support trend marked in the above chart act as a key neckline for the completion of this pattern.
The XRP price rose for around three weeks, using the ascending trendline as dynamic support. However, the ongoing uncertainty in the crypto market weakened the buyer’s confidence for the further rally, which breached the pattern’s support trendline.
Also read: XRP News: Whales Adding More XRP Amid Ripple Settlement Rumors
On December 11th, the XRP price fell 1.75%, and the red candle pierced from the mentioned trendline. Today, the sellers follow up on this breakdown and plunge 1.23% down to reach $0.37.
However, the lower price rejection attached to the daily candle shows witness a minor retest by revisiting the ascending trendline or $0.38 as a potential resistance. Thus, the post-retest downfall may tumble the prices by 4% to reach $0.36.
Having said that, if the market condition didn’t improve, this technical setup could lead XRP below $0.36 support to reach $0.32.
Technical Indicator
EMAs: the XRP price is back below the crucial EMAs(20, 50, 100, and 200), accentuating an established downtrend. Thus, these EMAs may offer strong resistance to rising prices.
Relative Strength Index: A steep decline in the daily-RSI slope below the neutral line and 20-SMA indicates market sentiment favor further losses.
XRP intraday price levels
- Spot price: $0.3766
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.387 and $0.41
- Support level- $0.36 and 0.32
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