The crypto investors are in distress as the crypto market is still under a bearish pull for the past two weeks. Yesterday, investors did find a sign of relief after a few of the cryptocurrencies were in a recovery phase, but that couldn’t stay for long as Bitcoin, along with Ethereum and other major altcoins retraced back on a red candle.
Like Ethereum, the lead altcoin fell, and so did most of the altcoins including XRP, the seventh-largest cryptocurrency by market cap is slowly going away from its bull run.
XRP Price On The Verge To Form Wedge-Like Pattern
Last month XRP Price failed to reach $1 and now the Ripple’s token is holding the recently marked lows of $0.76 after XRP faced rejection from $0.912 on March 25 before it dropped.
At the press time, XRP is trading at $0.7627 with a decrease of 2.36% over the last 24hrs. Currently, the XRP price looks like it’s forming a wedge-like pattern and this pattern is also known as Ending Diagonal because this pattern forms the last pattern before trend reversal occurs.
XRP’s strong Fibonacci level lies at $0.67, hence early buying is not advised. The best thing to do now is to set a buy stop at $0.795 and the breakthrough at this level can indicate the end pattern.
Additionally, as per XRP’s Relative Strength Index values, XRP’s current price is considered as oversold and this will further influence the bullish reversal pattern. The immediate support for XRP price lies at $0.69 and if the currency manages to break this level, Bears could further drag the price towards $0.64 which will see a 15% drop from the currency price.