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July 19, 2024
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XRP Market Conditions Turn Bearish: Here is What Awaited for XRP Price in the Coming Days

The post XRP Market Conditions Turn Bearish: Here is What Awaited for XRP Price in the Coming Days appeared first on Coinpedia Fintech News

The current trading market conditions have had a significant impact on the XRP price rally, as the token prints a large bearish candle. This was followed by a constant attempt to breach the pattern’s immediate upper resistance, which may have lifted the price above the bearish trend. As a result, the XRP price plunged below $0.6 and is currently trying very hard to defend the lower support of $0.58. 

If the XRPArmy fails to offer the required base, an extended pullback may even drag the levels close to $0.52 before the end of the week. 

In the long-term, the XRP price has been trading within a multi-year decisive symmetrical triangle. The price was constantly trading along the upper resistance, which intensified the speculations of having an intention of breaching above the levels. However, with the BTC price slumping below $64,000, a massive bearish wave struck the market, due to which the XRP price also appears to have been impacted to a large extent. 

With this, the fear of extended bearish actions continues to haunt the XRP price rally as the bears appear to have donimated the rally, again.

As discussed earlier, the XRP price still maintains its trade within the triangle and appears to have lost the bullish track. With the upper pressure being offered to a large extent, the bulls failed to defend the support at $0.6, causing a breach down to levels close to $0.58. At this point, the weekly stochastic RSI is closer to displaying a bearish crossover, which suggests a fresh descending trend could begin. Therefore, the price is now subjected to another 10% to 12% plunge, which may bring the levels close to $0.53 in the coming days.

Also Check Out The: Will Ether.Fi and SLERF Be Top Altcoin Performers In March? 

The levels around $0.53 can be considered more pivotal as they are the last support within the triangle and failing to hold may cause the token to break down the pattern. This could further validate the bearish influence over the crypto, suggesting yet another drop of over 15% to hit the lower crucial support at $0.4. However, this move currently appears unlikely, as a strong rebound at either $0.52 or $0.5 may lift the levels back above $0.6. 

This move may bring the XRP price to the apex of the multi-year decisive symmetrical triangle and a breakout from here may cause a huge upswing, probably below $0.8 initially and later at $0.9 very soon. 

Also Read : Top AI-Based Tokens To Stack Ahead Of The Nvidia Event!

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