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.
- 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.
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