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- The price of XRP is currently $ 0.2385 after a significant break from an ascending triangle.
- Amid the bearish continuation at $ 0.23, it appears that XRP has more room to slide further.
XRP has been confined within a daily ascending triangle for about a month. On October 28, Ripple’s digital asset exited the pattern, losing the 50 SMA support level at $ 0.245 and experiencing a bearish continuation over the next two days.
What is the next price target for XRP after the failure?
The breakdown of the daily ascending triangle is significant as the lower trend line was a robust support level, which coincided with the 50-SMA. Furthermore, the MACD has gone bearish at the same time and is gaining strength, which indicates that sellers have even more power.
XRP / USD daily chart
The next potential price target would be $ 0.2277, where the 200-SMA is currently established. A break down from this point can easily push the price of XRP towards $ 0.21 using the height of the triangle as a reference.
1 and 3 day XRP charts
However, as stated above, the 200-SMA support level at $ 0.225 on the daily chart will act as a healthy support level, especially considering that the 50-SMA on the 3-day chart coincides with it. Furthermore, the 100-SMA at $ 0.236 on the 3-day chart is not lost yet and will serve as another support point.
Looking at the other side of the image
1 hour XRP / USD chart
On the other hand, looking at the 1-hour chart, it appears that XRP is close to confirming an uptrend after setting a higher low at $ 0.235 versus $ 0.231, which gives the bulls some hope. Furthermore, the MACD has turned bullish again, which adds strength to this theory. XRP’s price target in this range would be the 50-SMA at $ 0.2429.
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