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It was xrp on The downward trend is consistent Since the beginning of the week that is just concluded. The continuous flow of consecutive declining candles has decreased on the daily time frame the price every day, which ultimately directs it towards important support at the time of writing this report.
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As of now, XRP presses the bottom boundaries of the symmetry triangle, which can determine whether this decline is It becomes deeper fall or The beginning of recovery For encrypted currency.
Supporting the similar triangle in focus
The similar triangle on the daily chart of XRP is Not a new styleBut the way in which its price is currently interacts with the lower direction line is to put the way for what could be a big step. This interesting phenomenon Note before Checks analyst on the tradingvief platform, which highlighted this technical area as a critical decision point for XRP.
As shown in the graph below, the similar triangle has been formed since January, as the price swings between a sequence of its highest levels and below. This has led to an tightening scope that hints or an imminent collapse or collapse.
The basic support line for the pattern has been tested on three separate occasions over the past two months, each time, which leads to the top. However, the continued re -tests also means that the current re -test may be easily broken.
Where can XRP move from here?
If XRP can adhere to the level of support and attract the purchase interest, then the apostasy can Be on the cards. A successful recovery from this trend line may lead to a move towards the upper limits of the triangle, which is what He behaves as resistance.
Such a grouping will not keep the triangle intact, but it may also bring up the upward feelings after four weeks of pressure. However, the strength of any bounced on the associated trading volume will stop. The bounce without a strong trading volume may lead to a fake outbreak.
However, the opposite scenario probably. If XRP closes the daily candlestick below this support level, this will confirm a collapse of the triangle structure, and open the door for more negative aspect. The analyst also noted, “loss of support may lead to more negative pressure.”
The collapse will not only nullify the structure of monotheism, but also may also lead to orders to stop losing below. Given the lack of immediate strong support under the current area, XRP may face a strong decrease to two dollars if the support level fails.
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At the time of this report, XRP is traded at $ 2.18, after increasing 3.8 % over the past 24 hours. Interestingly, the price decreased slightly lower than the lower border of the triangle earlier in the day. However, this step was quickly met with purchase pressure, which prompted the price movement to the triangle group. This small and important procedure shows that the bulls are still active at this level.
Distinctive photo of Pexels, tradingView graph
