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© Reuters. Trend Continuation Pattern Forms On XRP/USDT Weekly Chart- is down 2.27% in the last 24 hours and has fallen 27.02% in the last 7 days.
- A bearish descending triangle has formed on the weekly chart for XRP/USDT.
- TA suggests that bears have built enough momentum to push the price of XRP past the nearest support level.
XRP is down 2.27% in the last 24 hours and has fallen 27.02% in the last 7 days according to CoinMarketCap.
Ranked number 6 on CoinMarketCap’s list of biggest crypto projects by market cap, the price of XRP currently stands at $0.4184 – taking the project’s total market cap to around $20.32 billion.
The trading volume for XRP has also decreased by double digits and is approximately $1,775,994,485 at the time of writing, which is 21.38% lower than that of the previous day.
Descending triangle on XRP weekly chart (Source: TradingView)
Looking at the weekly chart for XRP/USDT, a bearish descending triangle chart pattern has formed as XRP’s price approaches the weekly support level of $0.42. The last few weeks have been taken over by bears as sell volume trumps buy volume during this time period.
The Relative Strength Index (RSI) on the XRP/USDT weekly chart also shows that XRP is heavily oversold. Technical analysis and indicators suggest that the price of XRP may not be done falling yet.
Despite the latest developments in the long-ongoing lawsuit between XRP and the SEC that give XRP the favorable hand, it seems that there is still a strong bearish sentiment around the project. A continuation indication of the current bear trend is also the 20 EMA crossing below the 50 EMA in the last few weeks.
These two crucial EMAs are also starting to break away from each other – a sign that the bearish trend may intensify.
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