Last Updated on March 21, 2023 by Bitfinsider
The price of XRP will keep dropping until the falling wedge pattern is complete. The price of the coin experienced several reversals from the resistance trendline of the pattern, suggesting that traders are aggressively selling on bullish upswings, one of the key characteristics of a downtrend that has already been established.
Today’s intraday rise of 2.7% for XRP demonstrated yet another reversal from the overhead trendline. This bearish turnaround extends the current decline and raises the possibility of another bear cycle within the pattern.
This possible decline could send the price falling by 8% and bring it back to the lower support trendline.
In any case, interested traders must wait for the XRP price to break the overhead resistance trendline before searching for an entry chance. The potential breakout will give traders a signal for a trend reversal and a chance to take a long position.
A breakout from this resistance trendline presents a potential rally to the pattern’s peak swing high resistance, which is at the $0.427 level, under the best bullish scenario.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
