XRP’s Price at Decisive Point Following Chart Pattern Formation
2022.05.30 14:16
XRP’s Price at Decisive Point Following Chart Pattern Formation
- The price of Ripple (XRP) has breached its consolidation phase.
- Following the breach out of the consolidation phase, the remittance token is hovering above multiple support levels.
- XRP’s price faces a decisive point at the moment as a descending triangle has formed on the 4-hour chart.
The price of Ripple (XRP) has breached its consolidation phase. However, the breach did not include a high degree of volatility. Following the breach out of the consolidation phase, the remittance token is hovering above multiple support levels, making it more difficult for XRP’s price to move further down.
XRP’s price faces a decisive point at the moment as it has set up four equal lows and five lower highs since May 13. Connecting these swing points with trend lines results in a descending triangle.
Looking at the technical formation, it is forecasted that there will be a 13% downswing to around $0.345. This is obtained by measuring the distance between the first swing high and swing low to the breakout point at $0.398.
On May 26, Ripple breached the lower trend line, which triggered a bearish move to $0.375. However, the lack of volatilit …
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