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The price of XRP is becoming increasingly bearish as the week progresses.
Last week, the price of XRP broke exponentially from a descending triangle that is a typical pattern of continuation of the trend.
After a series of resistance tests at $ 0.335, the price started to form lower highs, and each daily candle reflected a growing possibility that the next significant move would be bearish.
As the week began with candles registering increases and testing $ 0.335, the most recent tests were weaker.
Yesterday's candle was a Doji which is a candle that is formed when the opening and closing are around the same point.
This shows indecision in the market and reflects price weakness pushing up to test yesterday $ 0.335.
Today's candle records a loss and trades further from the $ 0.335 level.
The price is currently trading just above $ 0.32 but it seems more likely to continue down from here.
The 4-hour XRP chart shows each test in more detail, becoming progressively weaker.
The first test took place at high levels of momentum towards the top.
The second test was weaker with the price only for a short trading period near the level.
The price failed to reach the level of the third test and started moving down from here.
Key Takeaways:
- After a bullish start to the week, the price of XRP has become progressively weaker as the week continues.
- The price tested the resistance of $ 0.335 three times in the recent price action, with each weaker test.
- The price is starting to form lower highs, a more bearish price model.
Latest news from Ripple:
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and carries considerable risks. This analysis should not be considered as an investment advice, but for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for the purchase, sale or storage and should not be considered as approval or recommendation of a particular activity. |
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