XRP Price Breaks Out with Downward Volatility
This week, the cryptocurrency market witnessed a bullish trend, and several assets, including Bitcoin and Ethereum, saw a price surge. Ripple, on the other hand, remained an exception, consolidating with no clear direction.
Despite this, XRP is presently trading within a tight range of a triangle pattern and is expected to break out soon, which could result in a sudden, impulsive move based on the direction of the breakout. If the breakout is bearish, the primary support to the price will be $0.3.
The digital currency, XRP, commonly linked with the Ripple payment protocol, is showing a concerning pattern in the present market. Despite a gradual rise in trading volume, XRP’s price continues to decline steadily, suggesting a possible continuation of the downtrend in the coming days.
A worrying development is the steady rise in trading volume, usually regarded as a positive signal of market demand, but it’s combined with a downward price trend. This can indicate that there are more sellers than buyers in the market, which could result in a continued drop in the price.
How Deep Will XRP Price Go?
XRP has breached the descending channel that had constrained its price movement for the past few months. Since breaking out of the channel, XRP has experienced a steep decline, increasing the likelihood of a further drop below the channel’s lower boundary and worsening the already bearish trend.
As of writing, XRP trades at $0.36 with a downtrend of over 6% in the last 24 hours. Analyzing the hourly price chart, XRP has made a steep decline and formed a low near $0.34. If XRP drops below $0.34, it may witness another bottom near Bollinger band’s lower limit of $0.3.
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