XRP Price Prediction: Over the past two weeks, the XRP price has witnessed high volatility and has confined its movement to two trendlines. In the 4-hour time, this consolidation reveals the formation of a bearish flag pattern. In theory, this pattern formation offers a minor break before the bear trend continues. Here’s how you may trade this pattern.
- A bearish breakdown from the support trendline of the flag pattern could tumble the XRP price by 10%
- A bearish crossover of the 20 and 50 EMA in the 4-hour chart will accelerate the selling pressure in the market.
- The intraday trading volume in the XRP is $1.01 Billion, indicating a 71% gain.
Following the phenomenal rise in March, exhausted XRP buyers failed to sustain the bull run resulting in a correction phase, driving the prices down to $0.48. Despite the correction, the price action maintains a higher low formation and avoids nullifying the uptrend as per Dow theory.
In the last few weeks, the prices have recovered 6.2% in a channel formation leading to a bearish flag pattern in the daily chart. Currently, the prices rest at the bottom support trendline of projecting the possibility of a short-term bull cycle within the channel.
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By the press time, the XRP price trades at $0.51 with an intraday loss of 1.82%. The candle formations at the support trendline show lower price rejection but the last 4-hour candle with a 1% fall shows a bearish engulfing candle threatening a downfall to $0.458.
Considering the prices sustain within the channel by avoiding a closing below the support trendline, a bull cycle can result in a 5% jump to $5.3. However, an extending selling spree will inevitably lead the XRP prices to $0.458.
RSI: despite a higher low formation in price action, the same lows in the RSI slope indicate selling pressure is high which increases the possibility of the aforementioned support breakdown.
EMAs: Along with the chart pattern’s support trendline, the 100 EMA slope also adds an additional layer of support in favor of buyers.
XRP Intraday Price Levels
- Spot price: $0.51
- Trend: Bearish
- Volatility: High
- Resistance level- $0.52 and $0.55
- Support level- $0.48 and $0.45
The post XRP Price Prediction: Bearish Pattern Breakdown Threatens XRP Price for 10% Fall appeared first on CoinGape.
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