- XRP Technical Analysis Reveals a Bearish Turn
- XRP Bulls May Take Over After the Bears Burnout
- XRP Price Decline Due to Falling Wedge Pattern
Currently, the cryptocurrency market is facing a rough patch as the price of Bitcoin decline lower than expected with Ethereum and EOS losing over 12%Following the Swell Conference, there have been several forecasts from crypto analysts on the future price of Ripple’s native token XRP.
Mostly these XRP price predictions are bearish. A prominent trader recently states a bearish forecast on XRP, stating that his predictions are due to the falling wedge pattern the coin is developing. On the 21st of November, XRP price dropped below the significant level of $0.25 and is currently trading at $0.23 displaying a price plunge of 5.51%.
A prominent crypto analyst @gordongekko369 on Twitter shared his XRP price forecast stating that XRP will decline lower to $0.22. His tweet went thus: “.226$ XRP should do it here $XRP.” Although he further explained that his prediction is based on the fact that XRP price is creating a Falling Wedge pattern. A wedge pattern is a positive chance of reversing, so in the case of a Falling wedge, the crypto community should be expecting a price surge soon.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $1.32
Going further in his XRP price analysis, @gordongekko369 stated that “$XRP falling wedge pattern getting interesting…” even though the forecast stated by @themooncarl, a famous crypto analyst is yet to come true when BTC also formed a Falling Wedge pattern.
XRP Price Decline Due to Falling Wedge Pattern
On Friday, Ripple’s XRP declined by 5.61% closing the day at $0.23126, following a price decline of 2.31% on Thursday. Ripple’s XRP surge to an early morning intraday high at $0.24707 before acceding to market forces. The price has declined to the first key resistance level at $0.2539, with a mid-afternoon intraday low at $0.22249.
Subsequently, Ripple’s XRP decline through the first key support level at $0.2364 and the second key support level at $0.2278. All through the rest part of the day, XRP crashed back to the second key support level to close the day at $0.23 levels. Thus, without another crypto price collapse, Ripple’s XRP should avoid $0.22 levels on the day.
Although, it is too sudden to state that the urge for a plunge has decreased. The main aim of the decline is at the support level close to $0.2200. Even though there are speculations that about 2.2 billion XRP tokens not meant for selling might enter the market, should this happen, the XRP price rate will decline further.