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On the price chart of the past 7 days, XRP price shows a rather sad situation with the Bulls, while the Bears have more positive signals. However, looking at it from every angle, the XRP chart is trending down, warning of a crash for the Bulls.
Currently, XRP price is inside a descending triangle pattern. This pattern is a standard element to evaluate in technical analysis. Whether in an uptrend or downtrend, it still confirms the bearish nature. XRP is likely to slide $0.5 – $0.25.
Each triangle pattern provides signals to investors. Common in it as the triangle is represented in the bottom third of the pattern – the position represents the price of XRP.
After the descending triangle closes, XRP price could quickly fall off the 2020 position volume point, at $0.25. However, a large fakeout can occur instead.
The bottom of the descending triangle is the 2021 position volume, at $0.48. Fakeout and Bear Trap show the presence of Kumo Twist.
*Kumo Twist in the Ichimoku system helps pinpoint where swing highs and swing lows form, especially when these two states have the potential to lead to Kumo Twist.
Triangle patterns with breakdown breakouts appear a lot in the chart. With many traders holding their ground may ignore the initial breakout and wait for confirmation. A Bear Trap can also be used when the price turns inside the triangle, and moves against the previous breakout. In this case, a good sign is that XRP price will return to the $0.75 – $1.00 value zone.
#XRP #Price #Situation #Risk #Crash