Briefly –
- XRP had its price dropping under critical support on 26 November, possibly revealing bearish dominance.
- The primary technical pattern indicates that XRP might witness a 15% decline.
- The altcoin needs a close above $1.07 to cancel the pessimistic picture.
Ripple (XRP) declined under a vital defense line on 26 November, clearing the road for more XRP plummets. The remittance coin now battles to touch higher price zones as selling momentum magnifies.
Ripple Encounters Minor Drop
XRP had its price slicing under the ascending channel pattern’s lower border on the daily price chart, revealing a bearish picture. According to the prevailing chart pattern, the token can drop 22% from the downward trend-line at $1.03.
The altcoin might secure its initial defense line at $0.92. Keep in mind that the Momentum Reversal Indicator’s support line sits at this level. The following support will showcase around the 61.8% FIB retracement of $0.86. If market players continue with profit-booking, XRP might fall lower, tagging the bearish aim at $0.79, completing a 15% fall.
If Ripple sees amplified sell order, it may witness further declines, surpassing the target mentioned above to touch 78.6% FIB retracement at $0.70, matching with 30 July low. The TRIN, which measures the total market sentiment, indicates sellers dominate buyers.
If bulls step up to alleviate the bearish case, Ripple will encounter the nearest resistance near the 200-day SMA at $0.96, corresponding with a 50% retracement area.
The altcoin has to climb past the parallel channel’s downside trend-line at $1.07 to restore its upsurges, matching the 38.2% FIB retracement zone. Nevertheless, a massive obstacle might showcase at $1.11. The 21, 50, and 100-day Simple Moving Averages intersect at this price area.
An accelerated interest in XRP might see the altcoin ascending higher to the prevailing chart pattern’s middle boundary at $1.25.
However, the remittance token has seen reduced interest by market players over the recent days. For instance, investors appeared not bothered when Ripple Labs CEO Brad Garlington declared that the Ripple vs. SEC lawsuit might end in 2022. Moreover, the current global market crash weights on the alt, thus XRP may hit the anticipated fall.
Stay tuned for more updates.