Will XRP Price Plunge to $0.38 as Market FUD Rises? – Crypto News – Crypto News
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Will XRP Price Plunge to $0.38 as Market FUD Rises? Will XRP Price Plunge to $0.38 as Market FUD Rises?

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Will XRP Price Plunge to $0.38 as Market FUD Rises? – Crypto News

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2 years ago

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Published 10 minutes ago

XRP Price Prediction: While the crypto market continues to struggle with uncertainty, the XRP price witnessed a surge in selling pressure which caused a 2.5% intraday loss. With this drop, the daily prints a bearish candle pattern called evening star at a downsloping resistance trendline. This reversal sign at the resistance trendline of the channel pattern reflects that the XRP price is likely to experience a prolonged downfall.

Key Points:

  1. The falling channel governs the current correction phase in the falling channel pattern
  2. A breakout from the upper trendline of the channel pattern will be a key signal to uptrend continuation.
  3. The intraday trading volume in the XRP is $513.4 Million, indicating a 15% loss.

XRP Price PredictionSource- Tradingview

For nearly two months, the falling XRP price has been resonating between two converging trendlines indicating the formation of a channel pattern, As of now, the XRP price trades at the $0.45 mark and shows a reversal sign at the resistance trendline of this pattern.

Under the influence of this pattern, the reversal from the upper trendline usually drives a downfall to the lower trendline. Thus, if the bearish momentum continues in the market, the XRP price may witness an 18% fall to reach the support trendline of around $0.38.

Also Read: Best Cryptos Private Sale For 2023

However, in the core concept, the falling channel offered a significant bullish swing upon the breakout of the overhead trendline. Thus, the traders waiting for a bullish opportunity must wait for a break above the trendline with a daily candle closing.

technical indicators

Relative Strength Index: A significant rise in daily rsi slope projects the buyers wrestling for trend control.

Bollinger Bands: the upper band on the BB indicator falling reflects the bearish momentum intact.

Will XRP revisit $0.38?

Despite ongoing indecisiveness in the market, the XRP Price strictly responds to the aforementioned channel pattern. Thus, a reversal from the pattern’s resistance brings a strong possibility for XRP price downfall to $0.38. A significant support level that could undermine this thesis is $0.415.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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