The price of bitcoin has now dropped below $30,000 for the first time. Despite the fact that it has retraced and bounced back, the currency may now be on the verge of another big sell-off, which could see the world’s most valuable crypto asset suffer even more losses. Many smaller cryptocurrencies, such as meme currency Dogecoin, Ethereum, Ripple’s XRP, and Solana, are also suffering as a result of Bitcoin’s dominance.
XRP appears to be fighting to break through the psychological $1 level as it tries to stay afloat in the midst of the current bear-bull war. Because it is still looking for direction, the start of a true bull rally will have to wait.
The day began with a gloomy tone, with XRP price trading at $0.61025 on Friday, down 10.08 percent on the day. It was the biggest percentage drop in a single day since June 22.
XRP Price Bearish Engulfing Pattern in Play
Popular Crypto trader Peter Brandt, tweeted that a head-and-shoulders pattern is developing on the XRP/BTC chart. The H&S pattern is deemed one of the most accurate trend reversal formations and it’s typically a bearish sign.
Ripple could be on the verge of becoming a “tidal wave”, which leads Brandt to believe that XRP could hit new all-time lows if the head-and-shoulders dynamic plays out.
The above chart explains that the XRP price fell below the H&S neckline with strong volumes, which signals a bearish reversal. The neckline of the pattern rests at 2,120 satoshis, while the baseline sits at 1,794 satoshis. Thus, the profit target for the XRP/BTC pair is around 326 satoshis.
On the Other hand, If the H&S pattern is invalidated, the bearish view will be negated and that could open the gates to a rally to new highs. Moreover, if the bulls propel the price past the 69 cents resistance level, the coin will aim for $0.79 next. This is a key resistance to watch out for as a break above it will suggest the bulls are in firm control.
XRP Price Next Target Levels!
Earlier this week, the price of XRP switched a key resistance level at $0.65 into a support barrier, confirming the rise. In the big picture, a modest retracement retesting the aforesaid foothold followed by a surge to $0.745 seemed in order. However, as Ripple fell below $0.65, the upswing scenario may be postponed.
The gates have opened for the support levels at $0.59, $0.55, and $0.50 now that XRP has failed to hold the important support level at $0.65.
At Present, the XRP price to find resistance along with the 50-day EMA at 0.6868. Above that level, the next target will be at 0.7814. On the flip side, the crypto may drop to find support at the psychological level of 0.6000. A move below that point will place the support level at the month’s low of 0.5129.
Intriguingly, the price of XRP is currently at a point where a short-term movement in any direction is possible. According to analysts ‘Cryptowzrd’s forecasts, XRP should have dropped to $0.7200 a few days ago. As of today, he sees a more pessimistic picture for XRP, as Bitcoins price behavior has influenced it.
A daily close above $1 would open up more positive possibilities. However, as XRP has re-entered the downtrend, predicting the next likely resistance level is difficult. It will most likely take some time for XRP to acquire traction and experience the bull run that everyone is anticipating.