Ripple’s XRP after losing the pivotal resistance at $1.2 appears to have inculcated a consolidated trend. The rally has lost most of its strength while the volatility of the asset also appears to have bottomed hard. And in such cases, the buying pressure may be easily easied with a minimum selling. And hence soon after a significant upswing, the XRP price is primed to squeeze out gains and trade around its initial levels again.
The asset is currently in one of the curial phases where-in another plunge of nearly 25% may make its way out if the price slips hard from certain levels. The price in the short-term is consolidating within a descending triangle after undergoing a steep drop. And hence display notable chances of undergoing a notable plunge. Adding to the substance, the long term forecast also manifests a significant bearish trend.
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One of the analysts here points out the possibilities of another significant descending trend approaching very fast. The analyst marked some pivotal levels which fall across the blue trend line. Currently, the XRP price is testing the uptrend line and is on the verge to test the circle. As per the analyst, once the price enters the circle, it may get compelled to hit the lower support much below the $0.5 level.
However, the descending trend may not remain for a long time. As seen in the chart, each time the asset enters the circle, it tends to flip strongly. And hence a significant uptrend could be pre-programmed that may uplift the price. The Ripple’s XRP price long term projection is extremely bullish, carrying the potential to not only barge in a dollar level but also fly high towards $2 in Q2 2022.
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Source: https://coinpedia.org/price-analysis/ripple-xrp-price-displaying-the-possibilities-of-a-trend-reversal-may-plunge-back-below-0-5-soon/