💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

XRP’s Price at Decisive Point Following Chart Pattern Formation

Published 05/30/2022, 06:50 AM
Updated 05/30/2022, 07:00 AM
XRP’s Price at Decisive Point Following Chart Pattern Formation
XRP/USD
-

  • 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 ...

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.