The latest bearish break from XRP loses momentum

• XRP broke the lower end of an ascending triangle on the daily chart on October 28th.
• The bears aren’t getting a real following, which signals a potential reversal.

XRP broke below an ascending triangle at $ 0.247 and hit a low of $ 0.243. Over the next 24 hours, the digital asset continued to fall as low as $ 0.24. However, the bulls managed to push the cross-border payment giant to a current price of $ 0.245.

The XRP price may recover from the bearish movement

Although the breakout of the rising triangle pattern formed on the daily chart is a notable bearish sign, it appears to be getting no continuation so far. The price managed to bounce off $ 0.24 and recovered the 50-SMA as a support level.

XRP / USD daily chart

The current candle is bullish as it has a lower long wick, indicating that the bulls have bought the decline. If the positive momentum continues, XRP can jump to the upper trend line of the triangle, which coincides with the 100-SMA at $ 0.26. A bullish breakout above this resistance level can lead XRP to the next price target of $ 0.30.

Distribution table of XRP holders

Additionally, looking at the XRP holder distribution chart provided by Santiment, there is a significant increase in the number of whales holding at least 10,000,000 coins from a low of 307 on September 22 to a current high of 313.

The bearish momentum can continue to push XRP to $ 0.21

Despite the bears’ current weakness, it is important to note that XRP has broken through the triangle pattern and is having trouble defending the 50-SMA on the daily chart. The MACD turned bearish on Oct 28 and is gaining downward slope. The bearish price target remains at $ 0.21, which represents a decrease in value of 15%.