XRP’s Bearish Trend Proves Why It is One of the Preferred Cryptocurrencies

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Popular altcoins such as Ethereum, XRP, Cardano, Chainlink, and Dogecoin observed their trading price soaring since the start of the month.
  • XRP’s price has done comparatively well since the start of the month.
  • XRP is also forming a classic bull pattern as it consolidates beneath resistance near $0.31 mark.

The month of August has turned out to be pretty profitable for many of the market’s altcoins. Popular altcoins such as Ethereum, XRP, Cardano, Chainlink, and Dogecoin observed their trading price soaring since the start of the month. XRP’s price has done comparatively well since the start of the month. However, despite reaching the $0.32 price mark, XRP’s price has fallen back to sub $0.30 levels at press time. Currently, XRP is being traded at $0.29 after witnessing an 0.80 percent drop in the last 24 hours.

XRP, the third-largest cryptocurrency, has a market cap of $13.37 billion and a 24-hour trading volume of $4.4 billion. In the last 1 hour, XRP has seen a minuscule drop of 0.9%. XRP Price rallied from

XRP Price Analysis

Over a weekly time frame, the price of ripple has formed a gravestone Doji candle following a move from 0.20 cents to 0.31, flashing a massively bearish sign and indicates a sell signal.

Looking at the charts, XRP is also forming a traditional bull pattern as it consolidates beneath resistance near $0.31 mark.

Looking into the 4-hour chart, XRP bulls are reflecting consolidation after attempts to clear resistance at 0.31 cents, XRP exhibited the formation of a bull flag. The XRP market is getting close to complete 4th wave, the last 5th wave could be extended to reach a further target.

There is now beginning the initial phase of wave 5. XRP price should be arising in wave 5 in the next few weeks. If XRP breaks out from this pennant and sustains above the pennant, the bulls will push the price to 0.40 cents or push further to the second target potentially reaching 0.51 cents.

Ripple XRP is slightly changing its direction after 3 years of a downtrend. The XRP traders generally expect XRP to see a spike like the previous bull market of 2017 where XRP spiked quickly within a very short period. XRP recently broke its support and currently retesting in the support.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners