XRP Price About to Have a Big Crash in Q3! High probability will reduce more than 60%

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2022-05-02 07:51:32

The volatility of the crypto market is often reflected in the assets people choose to invest in, and XRP seems to be a shining example of this. The crypto market has gone through not one, not two, but four bull phases since last year. And XRP has failed to achieve long-term growth for any length of time.

On April 25, Ripple (XRP) maintained its downtrend, dropping 5.5% to $0.64, its lowest level since Feb. 28.

The drop increases the likelihood of forming a bearish reversal pattern known as a descending triangle. While these patterns often appear during a downtrend, they often signal the end of an uptrend when they appear after a major rally.

Since April 2022, XRP Price has been trading in a similar trading channel, defined by two trend lines: a horizontal lower line and a sloping trendline from the top.

Five weeks after testing the leading trendline as resistance, XRP is moving back to the support trendline, which also coincides with the 50-week moving average (50-week EMA; blue wave).

If a breakdown occurs below the lower trendline of the triangle, accompanied by increased volume, the price of XRP could drop to a level equal to the maximum distance between the upper and lower trendlines of the structure, as depicted. in the chart above.

This would put XRP at $0.19, or 70% below its current price on April 25.

Correlation with BTC

The pessimistic forecast for XRP comes after a similar sell-off for Bitcoin (BTC), Ether (ETH) and the rest of the crypto market. As of April 25, the correlation between Bitcoin and XRP is 0.84. A maximum score of 1 means that the two assets move simultaneously.

Furthermore, according to Mark Newton, a technical strategist at Fundstrat, Bitcoin could drop to January lows below $33,000.

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