XRP has currently fallen by more than 5% and acts at $ 2.06 at the time of writing. The price of XRP again follows Bitcoin’s leadership, a pattern that has been seen in the cryptomarkt time and time again. Since Bitcoin experiences a pullback, most altcoins, including XRP, respond in a similar way. And at the moment it doesn’t look too clear for XRP on the daily graph.
According to a recent technical analysis, XRP seems to form a bearish head and shoulder pattern – a traditional price map formation that often occurs a possible drop. The pattern consists of a left shoulder, a head and a right shoulder, with an important level of support that is known as the “neckline”. In the case of XRP, this neckline is between $ 2.10 and $ 2.15. The price started to break this zone, although a definitive confirmation is still required.
What is the next step for XRP price?
An analyst suggests That XRP is located in the fifth and final phase of its upward movement. So far, the price has made four upward movements, with a few small dips on the road. Now it seems to climb higher, probably in the fifth wave.
According to this pattern, the market usually sees a considerable price fall or correction as soon as the fifth wave expires. If the trend applies, XRP will soon be able to reach new all-time highlights. Traders, however, must be careful because a large correction often follows when prices affect these new peaks.
At a shorter time frame, XRP recently completed a small upward movement of five golf, starting from the low point in April. Since then, the market has withdrawn and created what analysts call a three-golf correction.
This pullback is not ready yet. The expert predicts that XRP could dive a little more before it resumes its upward trend. The correction zone is currently between $ 1.27 and $ 1.79. Ideally, the price could fall one last time to around $ 1.26 to $ 1.23 before a new rally starts.