MEXCXRP Price Analysis: XRP may Drop 12% Before the Next Jump; Here’s why?
The Ripple (XRP) price action follows a falling parallel channel pattern in the daily time frame, whereas in the short time frame, it responds to a descending triangle pattern. However, this triangle pattern should bolster the bear cycle within the channel pattern and lead the altcoin to support trendline.
Key points:
- XRP price depreciated 9.4% in the past four days.
- The coin chart shows high demand pressure at $0.3.
- The intraday trading volume in the XRP is $1.17 Billion, indicating a 21% gain.
Source- Tradingview
Following a drastic fall in April and May, the selling pressure eased a bit and showcased a more steady approach to the downside. As a result, the XRP/USDT pair has been lowering with a falling parallel channel over the past two months.
The XRP price has shown multiple reversals from the descending trendline, indicating the traders are aggressively selling at this resistance. On the flip side, the altcoin has retested the support trendline only twice, and a third one is required for better confirmation.
However, since last month, the $0.3 psychological support has prevented sellers from falling beyond, reflecting the formation of a descending triangle pattern. This bearish continuation pattern should bolster sellers to breach the $0.3 neckline support and continue the downward spiral.
The possible breakdown may plunge the XRP price 12.85% down to aligned support of $0.266 and support trendline.
On a contrary note, the falling parallel channel pattern is a bullish reversal pattern that should eventually lead the XRP price to breach the overhead trendline.
Technical Indicator
ADX indicator: the unwavering fall in ADX slope reflects the losing bearish momentum, which supports the breakout theory from the falling channel.
Vortex indicator: the bearish cycle between the VI+ and VI- slope suggests the sellers currently have the upper and breach the $0.3 support.
- Resistance level: $0.346 and $0.375
- Support levels: $0.3 and $0.265
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