$XRP
🚨XRP Price Faces 10% Drop Amid Rising Wedge Pattern🚨
XRP price is facing another crash after a rising wedge pattern emerged on the four-hour chart, indicating that the short-term momentum is about to turn bearish. This pattern appears when the price is making higher highs, albeit with higher lows, indicating that the buying pressure is gradually growing weaker.
XRP is tipping south again, and it is now testing the lower boundary support line. If this support fails to hold, then a more than 10% crash may ensue from the lower boundary line to $1.85. This decline will add weight to a recent analysis by CoinGape, noting that Ripple’s price risks a crash to $1.80.
The MACD indicator supports this bearish argument around XRP price after it formed a sell signal when the MACD line fell below the signal line. It has also crossed over below the signal line as the MACD histogram bars turn red, which is a sign that the sell-side pressure is strong.
A similar outlook is also portrayed by the Directional Movement Indicator (DMI) as the positive DI tips south when the negative one tips north. This further confirms that the trend is bearish, making an 11% crash more likely to happen if support at the $2.08 price fails to hold.
For the XRP price to invalidate this bearish outlook, it first needs to overcome the resistance level that lies at $2.33. If the price can move above this resistance due to positive catalysts, such as the Ripple vs. SEC lawsuit that is nearing its end.