$XRP
🚨XRP price technical analysis points to a crash🚨
The daily chart shows that XRP peaked at $3.40 in November following Donald Trump’s election.
It has since dropped 37% to the current $2.15 despite a series of positive developments, including the end of the SEC vs Ripple case, Hidden Road acquisition, and ETF applications.
The coin has fallen below the 50-day Exponential Moving Average, signaling that bears currently have control.
XRP has also formed a descending triangle pattern, defined by a horizontal support level and a descending trendline. The lower boundary of this pattern is at $1.9625, a level that has held firm on multiple occasions since November. The descending trendline connects the swing highs from January 16, March 1, and March 13.
Descending triangles typically precede bearish breakouts. The projected price target, based on the pattern’s height, is a 42% decline from the $1.9625 support, pointing to a possible drop to $1.1270.