2019-1-8 19:34 |
XRP 4-hour Chart – Source: Tradingview.com
Bullish movements are taking place in many major cryptocurrencies today after a brief consolidation took place across the market yesterday.
Cryptocurrencies such as Litecoin and Tron are surging, but others are failing to follow suit.
The third largest cryptocurrency by market cap – Ripple’s XRP – has been forming a descending triangle pattern and remains inside this pattern so far today.
A descending triangle pattern is a bearish continuation pattern which increases the likelihood that XRP will break below the pattern.
XRP is currently meeting resistance at the downward trend line which forms the upper part of the pattern as seen on the above 4-hour chart.
XRP Daily Chart – Source: Tradingview.comThe longer-term daily chart shows that if the price can break above the pattern, resistance is to be expected between $0.39 to $0.4.
This area has acted as a point of resistance and seller liquidity at numerous times in the past.
It is a bearish sign for the price action of XRP if it cannot fail to break above this pattern despite other major cryptocurrencies surging.
If other major cryptocurrencies continue to increase and XRP fails to break above, it further increases the likelihood that we are going to see a sharp downturn in XRP in the future.
Key Takeaways: XRP trades in a descending triangle pattern which is a bearish trend continuation pattern. Some major cryptocurrencies have been surging making the recent price action in XRP even more bearish. If XRP does break above the pattern, resistance will be expected at the $0.39 to $0.4 range. Latest Ripple News:Bearish Descending Triangle Forming for Ripple’s XRP
Busy Week For TRON With Multiple Developments Including Bitrue Adding New XRP / TRX Pair
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