Will XRP Price Plunge to $0.38 as Market FUD Rises?

XRP Price Prediction: While the crypto market continues to struggle with uncertainty, the XRP price witnessed a surge in selling pressure which caused a 2.5% intraday loss. With this drop, the daily prints a bearish candle pattern called evening star at a downsloping resistance trendline. This reversal sign at the resistance trendline of the channel pattern reflects the XRP price is likely to experience a prolonged downfall.

Key Points:

1. The falling channel governs the current correction phase in the falling channel pattern
2. A breakout from the upper trendline of the channel pattern will be a key signal to uptrend continuation.
3. The intraday trading volume in the XRP is $513.4 Million, indicating a 15% loss.

Source- Tradingview

For nearly two months, the falling XRP price has been resonating between two converging trendlines indicating the formation of a channel pattern. As of now, the XRP price trades at the $0.45 mark and shows a reversal sign at the resistance trendline of this pattern.

Under the influence of this pattern, the reversal from the upper trendline usually drives a downfall to the lower trendline. Thus, if the bearish momentum continues in the market, the XRP price may witness an 18% fall to reach the support trendline of around $0.38.

Also Read: Best Cryptos Private Sale For 2023

However, in the core concept, the falling channel offered a significant bullish swing upon the breakout of the overhead trendline. Thus, the traders waiting for a bullish opportunity must wait for a break above the trendline with a daily candle closing. 

Technical Indicator

Relative Strength Index: A significant rise in daily RSI slope projects the buyers wrestling for trend control.

Bollinger Band: the upper band on the BB indicator falling reflects the bearish momentum intact.

Will XRP Revisit $0.38?

Despite ongoing indecisiveness in the market, the XRP price strictly responds to the aforementioned channel pattern. Thus, a reversal from the pattern’s resistance brings a strong possibility for XRP price downfall to $0.38. A significant support level that could undermine this thesis is $0.415.