Bearish pattern to Cause 10% Drop IN XRP Prices; Hold On!

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Brian Bollinger In the midst of market uncertainty, XRP prices fell below the $0.433 resistance area. This consolidation revealed a descending triangle pattern that indicates that the coin holders are under correction. The coin price is currently trading at $0.39, with an intraday loss 1.56%. However, a potential breakdown from the $0.39 neckline support will intensify the selling pressure in the market.advertisementKey points: The potential breakdown below the $0.39 support will set the XRP price on a 10% downfall
Flattish EMAs (50, 100, 200) emphasize a sideways trend
The intraday trading volume of the XRP is $940.1 million, which indicates a 6.6% loss.
Source: TradingviewThe XRP price has been oscillating in a descending triangular pattern for the past three. The prices encounter dynamic resistance from a trendline with a fixed horizontal support and a trendline with a moving resistance. This pattern formation is thought to indicate a weakening bullish momentum that eventually leads to a break from the neckline support. A break below the neckline level is a sign that there may be a sell-off or further price movements. Trending StoriesAlso read: Explained: What Is Physical NFT? How to Sell Physical Items. A NFTA daily candle closing below $0.39 on a daily basis will increase the selling pressure and provide traders with a short-selling opportunity. The price could fall by 10% to reach the $0.355 support. On a contrary note, despite having a selling likely possibility, a breakout above the pattern’s resistance will offset the bearish momentum and could encourage further growth in the Ripple coin.Technical IndicatorEMAs: the 50-and-100-day moving near the $0.393 mark enchanted the support power of this level, trying to offset the bearish thesis.advertisementMACD: a bearish crossover, the increasing gap between the MACD(blue) and signal slope accentuates the increased selling pressure in the market. XRP Intraday Price LevelsSpot price: $0.396
Trend: Bearish
High Volatility
Resistance level: $0.436 and $0.436
Support level – $0.39 and 0.37
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