XRP Value May Decline Further Before it Crosses $0.27, Ethereum To Beat The Bulls Soon

cryptocurrency

The price of XRP reportedly saw a drop of 20.97% on August 14. Since that time onwards, the token has been trying to force a recovery. The XRP token was subject to the high volatility of market leader, Bitcoin. However, the short term predictions now point towards further declines for the number three largest crypto by market cap.

After the fall on August 14, XRP price hasn’t found stability although it rose by 0.05% at some point. The price action of the coin in the last few days has given rise to the formation of an ascending channel. This has taken the price of XRP to stay between parallel lines. Although it provided support and resistance areas in the short-term. The Ascending channel breakout may cause the XRP price to take a further dip.

XRP (XRP) Price Today – XRP / USD

[ccpw id=”10545″]

An Ascending Triangle Formed Via the 4 Hour Chart

The 4 hour chart of the XRP/USD pair saw the creation of an Ascending Triangle in the past few days. This may eventually cause the XRP price to break upwards. Then it could then take the price above another immediate resistance position at $0.2744. The price of XRP may see a fall in one-hour time but it might ultimately see a reversal trend that could take it higher.

Bears May Move on From Ethereum Soon

Ethereum has also been on the receiving end of the bears for a while now. The second largest token by market cap has been trading in the red zone for some time now. As of press time, the price of ETH indicated a growth rate of about 1.23%. However, prior to that growth in value, ETH price had already slumped by over 8% on August 14 just like that of XRP.

Ethereum’s faithful followers in the space would have disappointed with the token. Considering the fact that the previous pattern was reportedly breached in the opposite side which pointed towards a bearish outbreak. As opposed to following up on a more consistent bullish movement upwards. The support pattern of Ethereum was also drawn at three different points. Ethereum’s immediate support position was also placed at the $160.65 area. It was followed up by several support positions at the $124.43 and $100.75 areas.

The Bulls will Be Back for Ethereum Soon Enough

However, looking at the one-day chart for the ETH/USD pair, we will see the formation of a fresh pattern. It was also observed that the price movement of Ether currently indicates the formation of a descending wedge via the chart. Going by the current pattern, there’s still a possibility Ethereum’s price would consolidate lower to the range of $160 via the charts. At least when a bullish breakout occurs in the market.

The descending pattern formed over Ethereum’s trade volume confirmed that the descending wedge is valid. Thus further solidifying the indicated bullish breakout that may occur in mid-September. When you look at the current pattern, there’s still hope for Ether in the current market even though the bears are in control. This is because the bulls might arrive soon enough to save Ether.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.