XRP Loses Significant Support: What's Its Future? Whtas the next price ?
Amid the prevailing uncertainty in the market, most of the Top 10 cryptocurrencies opened lower this Monday (11). For instance, the price of XRP remained close to the $0.48 region. Over the past three weeks, the price trajectory has been sideways, but $0.48 represents an important support zone.
In this context, the price has oscillated within a range confined by two intersecting trendlines. This pattern, known in trading analysis as a "bear flag," typically tends to be bearish by nature. Indeed, XRP opened lower by 5.6% and dropped to $0.47.
Over the past seven days, XRP's price activity has been quite turbulent, constantly oscillating above the support trendline of the triangular pattern. Let's see if the price can recover and reach more significant valuation zones.
Possible 6% Increase for XRP
However, patterns like these often cause the price to bounce from the support trendline, rising to test the upper limit of the triangle.
With this behavior in mind, there is potential for XRP to witness a 6% increase, possibly challenging the flag's resistance. If this happens, the XRP price could reach $0.50 and initiate a new upward trend, but in a positive direction.
With a breakout to $0.50, XRP could aim for higher highs and reach the $0.60 region. In other words, a total appreciation of 20% from current prices. However, for this to occur, the breakout to $0.50 is crucial, as it would invalidate the downward trend seen in the descending triangle on the chart.
However, if we follow the rules, this pattern generally ends with a break below the lower trendline, potentially leading XRP's price to the $0.45 mark, a possible decline of 8.5%.
Although bearish tones dictate XRP's current trend, it is crucial to remember that as long as the flag holds, the sideways trend will remain dominant. On a more positive note, if the price rises above the upper limit of the triangle, it could trigger an influx of buyers and drive a recovery to $0.60.
