Tuesday , February 7 2023
Home / Crypto news / XRP On the Verge of Major Test, Volatility Inbound? (Ripple Price Analysis)

XRP On the Verge of Major Test, Volatility Inbound? (Ripple Price Analysis)

Summary:
Ripple has been experiencing a short-term stage of consolidation following low volatility. The cryptocurrency has formed a well-known bearish flag pattern and has dropped to the middle boundary. This is an important price region, and the upcoming price action will likely determine its mid-term direction. Technical Analysis By Shayan The Daily Chart The cryptocurrency was recently rejected by the upper trendline of the bearish flag pattern and dropped to the middle boundary. This level nearly aligns with strong short-term support at %excerpt%.45. If the price drops below both the boundary and the %excerpt%.45 support level, a plummet toward the channel’s lower trendline will be inevitable. Contrarily, if XRP successfully surpasses the multi-month descending trendline, a rally toward the

Topics:
CryptoVizArt considers the following as important: , , ,

This could be interesting, too:

CryptoVizArt writes Here’s the Next Support for XRP if %related_posts%.40 Fails (Ripple Price Analysis)

Duo Nine writes Crypto Price Analysis Feb-3: ETH, XRP, ADA, MATIC, and FTM

CryptoVizArt writes Bearish Signs for Ripple Appear, Will %related_posts%.40 Hold? (XRP Price Analysis)

CryptoVizArt writes Short Squeeze or Temporary Decline, What’s Next for XRP? (Ripple Price Analysis)

Ripple has been experiencing a short-term stage of consolidation following low volatility. The cryptocurrency has formed a well-known bearish flag pattern and has dropped to the middle boundary. This is an important price region, and the upcoming price action will likely determine its mid-term direction.

Technical Analysis

By Shayan

The Daily Chart

The cryptocurrency was recently rejected by the upper trendline of the bearish flag pattern and dropped to the middle boundary. This level nearly aligns with strong short-term support at $0.45.

If the price drops below both the boundary and the $0.45 support level, a plummet toward the channel’s lower trendline will be inevitable. Contrarily, if XRP successfully surpasses the multi-month descending trendline, a rally toward the $0.85 resistance region is anticipated.

However, the bearish scenario has a greater chance to occur due to the crypto market’s lack of activity and demand.

xrp_price_chart_21101
Source: TradingView

The 4-Hour Chart

In the 4-hour timeframe, XRP has formed another well-known bearish pattern called “head and shoulders.” The price is currently attempting to break the neckline of this pattern.

The neckline intersects with the 0.45 support level and the flag’s trendline. This alignment makes this price level a significant support for the cryptocurrency.

If Ripple breaks below this level, the cascade will be the most probable scenario. Hence, the upcoming price action should determine XRP’s mid-term direction.

xrp_price_chart_21102
Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *