The price of XRP is a risky pattern | Is the time for a major crash?

Today, we will tell you about XRP. The price of XRP is a risky pattern | Is the time for a major crash? Let’s get started:

XRP declined on Monday, but it did so by achieving a crucial level of support and indicating the possibility of further losses in the upcoming days.

Ripple xrp 8.02 per cent The XRP decreased to $2.40 down by nearly 30 per cent from the high mark of the year, making it the bear market.

The market sell-off coincides with an overall decline in the crypto market and the price of Bitcoin btc-3.35 percent Bitcoin remains under $100,000. The index of greed and fear in crypto has fallen to an area of fear at 38 and the altcoin season index has also dropped.

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The technical data suggests that the XRP price could further crash.

XRP is at the possibility of further losses in the coming days. The daily chart indicates that the price is falling below the 100-day and 50-day moving mean which is a negative signal that indicates that sellers have the upper hand.

In addition, XRP has formed a head and shoulders pattern comprising the neckline, two shoulders and the head. The price has dropped towards the neckline that is slanted which is aligned with the pivotal that reverses Murrey Math Lines. Murrey Math Lines.

In the end, a significant bearish break is expected and the next level of reference at $1.79 The lowest range this month. If the price falls below this level, it could lead to further losses The next support level is at $1.6130 which is the 61.8 per cent Fibonacci retracement threshold.

The bearish view would be cancelled if XRP rises above the stop-and-reverses level at $2.735.

Wyckoff Theorie suggests more downside.

Another danger could be that the XRP price has entered the distribution stage of the Wyckoff Theory.

The weekly chart shows the currency was at the stage of accumulation for the majority of the year, which was characterized by an erratic price movement. The coin entered the markup phase in November, soaring by more than 400 per cent.

In the present, XRP has moved into the distribution phase. If it breaks below the neckline, the shoulder and head pattern will confirm the transition to the markdown phase that is characterized by an increase in supply, less demand and panic selling by investors.

The price of XRP could have positive catalysts for bullishness that could assist in boosting its price. For instance,e the decision taken by the SEC to stop its Coinbase and Robinhood lawsuits and Robinhood litigation is a signal that it is likely to similarly do so for Ripple.

There is also a growing likelihood that the Securities and Exchange Commission will be able to approve the XRP ETF. The probabilities are now at 80per cent, which means that the commission could approve the funds and that JPMorgan estimates will bring in more than $8 billion in funds in the coming year.

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