XRP found temporary relief from its falling price on 25 October, when it surged by 25.23%. Immediately, however, it corrected itself as it fell by 29.69%. The fall dragged the price of the coin, which had managed to break above $0.30 after months, to under $0.30. Since then, XRP has been noting sideways movement and was valued at $0.2940 with a market cap of $12.68 billion, at press time.
The short-term chart did not convey any positive news for the third-largest coin, as it prepared for the breach of a bearish pattern.
The 4-hour chart for XRP fashioned a descending triangle that extended across the lower highs and supports formed at the base of the triangle. The lower highs of the triangle were connected by the slope at $0.3151, $0.3105, $0.3060, and $0.2983, while the strong support rested at $0.2884. According to the nature of the pattern, a breakout toward the bearish end might be imminent, causing the price to drop further.
The 50 moving average rested above the 100 moving average and indicated a bullish market, as the volume also consolidated with the falling price.
The MACD indicator reported a recent crossover between the MACD line and the signal line, as bullish sentiment took the lead. However, the momentum wasn’t strong enough to sustain itself and might note a change. The Relative Strength Index suggested that the buying and selling pressures had evened, but the signal line might begin its journey towards the oversold zone.
XRP’s price might get hit by the bears with the breach of the descending triangle. The coin might return to its $0.25 and $0.23 zone.
Namrata is a full-time journalist at AMBCrypto covering the US and Indian market.