The crypto space currently is experiencing a huge sell-off as almost all the assets are squeezing the gains at a larger pace. While the bulls are attempting very hard to hold the price above the crucial support, the XRP price is on the verge of shedding huge gains very soon. Once the asset plunges below certain levels, then the price may be primed to visit the lower support around $0.6 very soon.
XRP price for a very long time has been swinging within a descending trend unable to break through the depleting trend. In the due course, the price attempted a breakout towards the immediate resistance which was been rejected mercilessly. And hence the bearish trend appears to have validated as the price is now primed to hit the lower support at $0.6 very soon.
The price during the early trading hours broke down from the symmetrical triangle and tested the crucial support levels. It is very important to hold these levels as the price has also formed a double top pattern, whose neckline resides along with the lower support levels. If the XRP price fails to sustain at these levels, then the price may slide down towards $0.6 initially. And if it also fails to sustain here could plunge and revisit lower support at $0.55.
The trade set up for the Ripple’s XRP price also appears to have been set up within a bearish plot. While most of the assets are maintaining a deep descendant trend, the XRP price may also face a breakdown and slide towards the lower support. Further on acquiring strong support, the asset may attempt a strong flip which may not be as strong as expected.