$XRP
🚨 XRP Bearish Technical Patterns Signal Further Declines 🚨
The price of XRP is falling today (Tuesday), hitting an intraday low of $2.08—the lowest level in two weeks—as the sell-off that began last week continues. At the time of writing, XRP is down 1.2%, trading at $2.1041.
XRP’s price charts are flashing warning signs, with several bearish patterns contributing to the ongoing decline. In my technical analysis, I have identified a descending triangle on the daily chart, a pattern that suggests a potential 45% drop to $1.20 if support levels break.
The situation is still being supported by a key zone in the $1.77–$1.90 range, defined by lows established since December of last year and repeatedly tested in February, March, and April. If this support zone is broken, it would confirm for me that XRP could fall toward the $1.20 area.
"XRP has been a bellwether of its own ecosystem, more so than one for the overall market," commented Paul Howard, Director at Wincent. "What we will likely see is the asset break away from following BTC. This can be seen in the recent price action in the last 6 months. $XRP tends to be more news and product media-driven narrative than BTC, and therefore a more tactical play for many, based less so on the macro market."