The crypto investors are in distress as the crypto market is still under a bearish pull for the past two weeks. Yesterday, investors did find a sign of relief after a few of the cryptocurrencies were in a recovery phase, but that couldn’t stay for long as Bitcoin, along with Ethereum and other major altcoins retraced back on a red candle.
Like Ethereum, the lead altcoin fell, and so did most of the altcoins including XRP, the seventh-largest cryptocurrency by market cap is slowly going away from its bull run.
XRP Price On The Verge To Form Wedge-Like Pattern
Last month XRP Price failed to reach $1 and now the Ripple’s token is holding the recently marked lows of $0.76 after XRP faced rejection from $0.912 on March 25 before it dropped.
At the press time, XRP is trading at $0.7627 with a decrease of 2.36% over the last 24hrs. Currently, the XRP price looks like it’s forming a wedge-like pattern and this pattern is also known as Ending Diagonal because this pattern forms the last pattern before trend reversal occurs.
XRP’s strong Fibonacci level lies at $0.67, hence early buying is not advised. The best thing to do now is to set a buy stop at $0.795 and the breakthrough at this level can indicate the end pattern.
Also Read: What is Stopping Ripple’s XRP Price from Smashing $1, How Long Will it Consolidate Below $0.8?
Additionally, as per XRP’s Relative Strength Index values, XRP’s current price is considered as oversold and this will further influence the bullish reversal pattern. The immediate support for XRP price lies at $0.69 and if the currency manages to break this level, Bears could further drag the price towards $0.64 which will see a 15% drop from the currency price.
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