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Brian Bollinger The XRP coin’s price has been declining for almost a month. This is indicative of a steady correction phase. The coin price fell within two downward trendline trendlines during this downturn, creating a falling channel. Though the price resembles an established downtrend, this ongoing correction is a portion of the famous bullish called the Flag patternadvertisementKey points: The area between the two falling trendlines can be considered a non-trading zone
The Flag-pole shot at the breakout point from the Flag-pole is a potential target for the flag pattern.
The intraday trading volume of the XRP is $703.2 million, which indicates a 31% loss.
Source: TradingviewA flag pattern is a chart pattern in technical analysis. It occurs when there is significant price movement in a coin followed by a period or counter-trend movement and then another price movement that is in the same direction. The consolidation period is often called a “flag” because it looks like a flag on the flagpole. The initial price movement represents the pole, and the consolidation period represents the flag. XPR is retesting flag pattern resistance trendline during recent recovery. This retest often triggers another bear pattern within the flag pattern, which could cause the coin price to drop back to a lower trendline. Trending StoriesHowever a strong bullish candle on the 14th and 15th of February indicates that the market is showing high buying momentum. Trending StoriesA strong bullish candle on February 14th and 15th indicates that the market is buying momentum. The potential rally could push the coin price higher than $0.5. AdvertisementRSI: The daily RSI slope that moves around the midline indicates neutral sentiment among market participants.
Trend: Bearish
Medium Volatility
Resistance level: $0.435 and $0.478
Support level: $0.37 and 0.31
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.