Completing this Bearish Pattern, Is the XRP Price Revisiting $0.32 Mark

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Brian Bollinger A bearish break from the support trendline means that the XRP price has completed the bearish pattern, i.e. the inverted flag. This chart suggests that the recent recovery is over and that the price will likely fall lower. The chart shows that XRP is in a demand zone at $0.36. Will sellers break it?advertisementKey points
Bearish breakdown of an inverted flag pattern bolstered holder for a 14.5% fall
The XRP’s intraday trading volume is $371 Million, which indicates an 89% gain.
Source- TradingviewConcerning the November first-half downfall and the second-half recovery, the daily XRP price chart showed the formation of an inverted flag. The recovery phase of this pattern is, in theory, a brief break before the previous downtrend continues. This bullish pullback is a reaction to excessive selling and aims to replenish the selling momentum. The key neckline to complete this pattern is the support trend in the chart above. Trending StoriesThe XRP market price rose for approximately three weeks using the ascending trendline dynamic support. The continued uncertainty in the crypto market weakened buyers’ confidence for the further rally. Today, the sellers followed up on this break and plunged 1.23% to $0.37. The lower price rejection attached the daily candle shows that there is a minor retest by the sellers revisiting the ascending trendsline or $0.38 as potential resistance. These EMAs may offer strong resistance to rising prices. Thus, these EMAs may offer strong resistance to rising prices.advertisementRelative Strength Index: A steep decline in the daily-RSI slope below the neutral line and 20-SMA indicates market sentiment favor further losses.XRP intraday price levelsSpot price: $0.3766
Trend: Bearish
Medium Volatility
Resistance level: $0.387 and $0.41
Support level – $0.36 and 0.32
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