Losing This Support, Will The XRP Price Drop To $0.36 Mark?
A bearish breakdown from the inverted flag pattern releases the trapped bearish momentum in the Ripple coin. Currently, the altcoin is in a retest phase, trying to validate whether it can sustain this breakdown. Moreover, the XRP price may undermine the November recovery if the overall market sentiment remains bearish.
Key points:
- An inverted flag pattern breakdown sets the XRP price for a 6% fall.
- The crucial EMAs(20, 50, 100, and 200) trading above the coin price creates multiple resistance against a price rally.
- The intraday trading volume in the XRP is $2.3 Billion, indicating a 16% gain.
Source- Tradingview
The last few week’s recovery rally in the crypto market pushed the majority of altcoins to higher grounds, including Ripple(XRP). As a result, the coin price rallied from $0.322 to $0.41 high, registering a growth of 27.6%.
However, the daily chart shows that this price recovery was a part of a bearish pattern inverted flag. In theory, a recovery phase in the pattern is a short break before the coin price resumes its prior downtrend. Moreover, a breakdown below the pattern’s support trendline signal the completion of this pattern.
Thus, today, the crypto market witnessed aggressive selling and tumbled the XRP prices by 2.22%. The bearish candle breached the support trendline indicating the sellers are ready to pull the price altcoin to lower levels.
A daily candle closing below the trendline will accelerate the selling momentum and plunge the coin 6% down to hit the $0.36 support. However, if the selling pressure persists, the prices may drop to the $0.32 accumulation zone.
Technical Indicator
EMAs: the XRP price trading below the crucial EMAs(20, 50, 100, and 200) projects an established downtrend. Moreover, 20-and-50-day EMA maintains a dynamic resistance against a bullish rally.
Relative Strength Index: The daily-RSI slope nosedive below the neutral line and 20-SMA reflects the increasing bearishness among market participants.
XRP intraday price levels
- Spot price: $0.38
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.38 and $0.41
- Support level- $0.35 and 0.32
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