Here’s How Long XRP Price May Prolong Ongoing Correction
The XRP coin price has been falling for nearly a month, showcasing a steady correction phase. Amid this downfall, the coin price resonated within two downsloping trendline trendlines, creating a falling channel. Though the price resembles an established downtrend, this ongoing correction is a portion of the famous bullish called the Flag pattern
Key points:
- The area between the two falling trendlines can be considered a non-trading zone
- A potential target for the flag pattern is the same length in the Flag-pole shot from the breakout point.
- The intraday trading volume in the XRP is $703.2 Million, indicating a 31% loss.
Source- Tradingview
The flag pattern is a technical analysis chart pattern that occurs when there is a significant price movement in a coin, followed by a period of consolidation or counter-trend movement, and then another price movement in the same direction as the initial movement. The pattern is called a flag because the consolidation period often looks like a flag on a flagpole, with the initial price movement representing the pole and the consolidation period representing the flag.
Amid the recent recovery, the XPR price is retesting the resistance trendline of the flag pattern. This retest usually triggers another bear cycle within this pattern which could plunge the coin price back to a lower trendline.
However, a strong bullish candle on February 14th and 15th indicates the buying momentum in the market is high. Thus, it is likely the XRP price may soon breach the overhead trendline and signal the resumption of the prevailing rally.
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If the daily candle closes above the trendline, interested traders may look for an entry opportunity. The potential rally may surge the coin price above the $0.5 mark.
Anyhow, the ongoing correction will continue until the channel structure is intact.
Technical Indicator
Bollinger Band: the coin price moving below the midline and lower band if the indicator projects the sellers are currently driving the price movement.
RSI: The daily RSI slope wobbling around the midline indicates the neutral sentiment among market participants.
XRP Intraday Price Levels
- Spot price: $0.394
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.435 and $0.478
- Support level- $0.37 and 0.31
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