With bearish clouds looming over the crypto space, most assets are crashing by significant margins. XRP price with the new downtrend, broke through the uptrend and dropped below $0.8. Therefore, negating the chances of a reversal or starting an uptrend, the price is expected to revisit lower levels.
The price of XRP since it lost the $1 mark showed an extreme bearish trend and started its oscillation inside the symmetrical triangle. Unfortunately, instead of breaking out to the upside, the asset broke through the triangle as the asset remains bearish on the broader time frame. Also, the price is following the pattern and showing huge chances of revisiting the support below $0.5.
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As seen on the chart, XRP price reversed the short-term ascending triangle to follow a huge descending triangle. And from there arises the possibility that the asset squeezes more profits. Considering the pattern on the longer time frame, the price may consolidate for a couple more months before a breakout. And once the price starts to turn around, another bull run can start.
According to the analyst, whenever the XRP price in the recent past has formed this pattern, it has usually resulted in a strong breakout. Also, the uptrend gained almost 1x to 5x of the value to reach the ATH as well. Interestingly, a similar trend is observed in which the price of XRP has not yet reached the apex of consolidation. And with a breakout, price may be poised to hit $2 topping $1 initially and then $1.5 to $1.8, likely by the end of Q2.
Also Read: After Holding Strong Around $45K For A Week, Will Bitcoin (BTC) Price Hit $50K Or Break It To $42K?
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This post XRP Price May Face a Reverse Momentum Wave Before Starting a Massive Bullish Rally!
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