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In the midst of a faltering altcoin market, the XRP price encountered a pronounced pullback after facing resistance at the $0.55 mark on October 3rd. Over the past week, this downward shift resulted in a 9.5% dip, dragging the cryptocurrency’s value down to $0.49. Alarmingly, this descent has led sellers to breach the supportive boundary of an ascending triangle pattern on its chart, hinting at a potentially deeper correction ahead.
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Will the XRP Price Fall to $0.42?
- A breakdown from an ascending triangle pattern hints at accelerated selling pressure.
- The falling XRP price may witness significant support around $0.458 and $0.42.
- The intraday trading volume in the XRP is $752.2 Million, indicating a 1.62% loss.
Source: Tradingview
Amidst the last 50 days of consolidation, the XRP price shows the formation of an ascending triangle pattern in the daily time frame chart. Typically, this pattern is projected as a bullish pattern, which promotes a significant rally after the breakout of its neckline.
Within the last two months, the coin price has faced four reversals from the $0.55 neckline, indicating it has a stronger resistance zone. With the last reversals from this resistance on October 3rd and weakness across the broader market, the XRP price has broken below this pattern’s ascending support trendline.
If the daily candle manages to close below the breached support, the sellers would gain an extra edge to pressurize coins to lower prices. The post-breakdown fall would plunge the price 7.5% down to hit the nearest support at $0.458, followed by the $0.42 mark.
[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]
Should You Go Bearish on XRP Coin?
On October 9th, the XRP Price showed a failed attempt to breach the lower support trendline of the ascending triangle pattern. Despite the back of a huge volume, the coin price could not sustain below the trendline which resulted in a long tail rejection candle. This daily candle reflects the sellers would need even higher momentum to break past this support. Thus, it is crucial for players to wait for a candle to close to confirm a bearish breakdown. If by the day’s end, the XRP Price surges back above the lower trendline, the coin price would likely continue the consolidation trend within the triangle pattern.
- Relative Strength Index: The daily RSI slope above 40% reflects the buyer’s sufficient momentum for a price reversal.
- Exponentially moving average: The current prices drop below the 200-day EMA slope indicating the market sentiment is bearish.
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