After losing the $ 1 mark, XRP exposed short-term weaknesses before a rebound was possible. A bearish pattern would likely trigger another 23% decline.

At the time of writing, XRP is worth $ 0.9, down 2% over the past 24 hours.

Source: TradingView

For the past week, XRP has formed a symmetrical triangle. Since the previous trend was bearish, the triangle is expected to act as an extension and break out. More selling pressure will propel XRP towards the next available support zone of $ 0.73 to $ 0.78.

If the bears win the range, an uptrend will be restored. From there, a closing price above the cap of $ 0.93 would allow XRP to break through $ 1.05 and aim for $ 1.23.

Any move below $ 0.7 will void this scenario and trigger an extended sell-off. It is likely that the bulls will remain relatively calm until XRP tests $ 0.6. In the worst case scenario, the price would drop to the July low of $ 0.51.

On the flip side, a closing price above $ 0.98 would allow XRP to make a higher high and negate that prediction.

Meanwhile, XRP’s indicators reflect the weakness of the market. The Directional Movement Indicator (DMI), commonly used to measure the trend of an asset, fell when -DI traded above + DI. Additionally, the Awesome Oscillator and MACD fluctuated below balance due to constant selling pressure in the market.

With several declining signals across various indicators, XRP anticipates further losses before the end of the week. However, let’s hope this curse will be broken when XRP hits $ 0.73.

Short-selling XRP in a bearish symmetrical triangle should offer some short-term gains. Orders can be executed after the price closes below $ 0.93 and take profits can be placed at $ 0.73.

Overall, this move should result in a profit of 22%. Bullish traders can buy XRP at $ 0.73 and stop at $ 1.05 once the rebound is confirmed.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

According to Ambcrypto

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