XRP Price Prediction: This Bearish Pattern Puts XRP Price for 6-12% Downside Risk
XRP Price Prediction: A bearish breakdown from the ascending triangle pattern of the 4-hour time frame chart indicates the XRP price is poised for a prolonged correction. Considering this altcoin’s growth in the second half of March, the ongoing retracement is temporary and can provide a favorable pullback opportunity to interested traders. Here are some important levels that can replenish the prevailing bullish recovery.
Key Points:
- A bearish breakdown from the support trendline of the triangle pattern threatens the XRP price by 5%
- The overall bullish sentiment for the XRP price will remain intact until the price sustains above 0.5 FIB at the $0.44 mark.
- The intraday trading volume in the XRP is $1.2 Billion, indicating a 0.5% loss.
Source- Tradingview
Amid the increasing uncertainty in the crypto market, the ongoing correction phase in XRP price took a slight detour and turned sideways. The coin price resonated in a short range for the past two weeks and revealed the formation of an ascending triangle pattern.
Typically this chart pattern is a bullish setup and offers significant growth once the prices breached the neckline resistance. However, the sellers took the advantage of increasing FUD and breached the pattern’s support trendline.
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By the press time, the XRP price trades at $0.504 with an intraday loss of 2.36%. The 4-hour chart shows a higher price rejection candle at the breach trendline, indicating the seller is using the reclaimed level to pressure buyers.
With sustained selling, the XRP price may tumble 6% and reach the combined support of $0.48 and 0.382 Fibonacci retracement levels.
Technical Indicator
RSI: the RSI slope breakdown below the midline indicates the market sentiment in leaning toward crypto sellers.
EMAs: The falling XRP price breached the 20 and 50 EMA of the 4-hour time frame chart giving an additional edge to short-seller
XRP Intraday Price Levels
- Spot price: $0.50
- Trend: Bearish
- Volatility: High
- Resistance level- $0.52 and $0.56
- Support level- $0.48 and $0.44
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