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Bearish
Warning signs emerge for XRP price after 300% surge in two months
Whale selling and a strong bearish reversal signal set XRP up for further losses.
XRP price has rallied by over 300% over the past two months and was trading at $2.10 on Dec. 27. Still, warning signs suggest that the XRP/USD pair could erase at least 25% of those gains in the near term.
XRP Nears Descending Triangle Breakout
XRP (XRP)’s recent losses come as its price trades within a descending triangle pattern, a bearish structure that typically signals further declines.
This pattern is defined by a series of lower highs that form the triangle’s descending trendline, while the $2.10 level acts as horizontal support.
A decisive break below the $2.10 support level could open the door for a deeper correction. The potential bearish target for this breakout is calculated by subtracting the height of the triangle from the breakout point, as per the rule of technical analysis.
In other words, the price of XRP may decline to around $1.64 by January 2025, which would constitute a drop of around 25% from the current price levels.
$XRP #BtcNewHolder
Whale selling and a strong bearish reversal signal set XRP up for further losses.
XRP price has rallied by over 300% over the past two months and was trading at $2.10 on Dec. 27. Still, warning signs suggest that the XRP/USD pair could erase at least 25% of those gains in the near term.
XRP Nears Descending Triangle Breakout
XRP (XRP)’s recent losses come as its price trades within a descending triangle pattern, a bearish structure that typically signals further declines.
This pattern is defined by a series of lower highs that form the triangle’s descending trendline, while the $2.10 level acts as horizontal support.
A decisive break below the $2.10 support level could open the door for a deeper correction. The potential bearish target for this breakout is calculated by subtracting the height of the triangle from the breakout point, as per the rule of technical analysis.
In other words, the price of XRP may decline to around $1.64 by January 2025, which would constitute a drop of around 25% from the current price levels.
$XRP #BtcNewHolder
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