XRP price tanks below the crucial levels of $1 leaving the speculations of the worst scenarios incoming, open
Many predict the dump could continue for more time as before the start of a reversal amid the bearish September
The XRP price is undergoing extreme uncertainty as it loses the $1 mark after holding it strong for more than a month. As the crypto space is undergoing some sort of correction since the early trading hours, XRP price also drained nearly 10%. However, many analysts predicts a substantial downtrend for the price yet so do believe the bears will fade away soon.
The price broke the uptrend line that it maintain since the market flipped in the mid of July. Since then the price kept up the bullish momentum despite a couple of pullbacks. Yet, since the early trading hours, the asset fell into bearish divergence declining nearly 12% in price. As Coinpedia reported earlier that XRP price could miss the bull run, it appears the scenario is becoming realistic.
The price previously had experienced a similar movement, where-in a huge chunk of gains was just left off. The price drained massively but after consolidation for more than a month, it had a gigantic rally of more than 200%. Yet again, the price is following a similar path of going parabolic followed by a notable drop. Therefore forming a cup and handle pattern, and hence a breakout is imminent as an outcome.
However, before pulling the next leg up, the XRP price could tank down to lower levels below $0.9 to hit $0.85. And hence providing an immense opportunity for the traders to get in the trade. Moreover, the outcome of the Ripple Vs SEC case could impact the price at the highest. Collectively, XRP along with all the other assets is experiencing extreme drain. As many analysts believe, it could be just a correction where-in a reversal could be fast approaching.