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The recent price action for XRP has shown little signs of strength as the crypto is now Fight against a bearish. Since the start of the correction phase on 12 May, XRP has placed consecutive lower highlights on the daily period, continued from the peak of May of $ 2.65. This continuous decline comes after a meeting that started last month, with the XRP price returning from $ 1.80 at the beginning of April.
However, the momentum that the rise rode has now been overtaken by a clear wave of red candles, and technical analysis suggests That the XRP price can crash below $ 2 again in the coming days to the April.
Masterananda flags the risk of further XRP -after
A recent Technical update divided by Analyst Masterananda on TradingView strengthens the Bearish sentiment in the short term. The graph that is shared in addition to the analysis shows that XRP has broken down from an increasing channel, with three consecutive daily closures under the lower trend line.
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These three consecutive red days have the arrangement of one Bounce up on the lower trendline. Although XRP is still being traded above $ 2 at the moment, the longer it continues to act under the $ 2.30 region, the greater the chance that a steeper decrease will become.
In his analysis by TradingView, the analyst Masterananda acknowledged that XRP can appear for a rebound, but the underlying signals tell a different story. “It seems that Xrpusdt can now recover any moment, but the correction may not be over yet,” the analyst noted.
Interesting is that, despite the continuous decline, Beerarish volume has been quite low. This shows that the sale may not be particularly strong, but also not challenged. This pullback with a low volume suggests that the market is falling due to a lack of buyers instead of intense sales pressure. Nevertheless, the analyst noted that XRP still had to achieve a solid level of support.
XRP Bullish in the long term, but can crash under $ 2
Although the short -term graph paints a disturbing image, Masterananda has faith in XRPs Bullish process in the long term. However, the Fibonacci racement levels marked on the graph show that the price has already fallen by the 0.382 zone and floats near the 0.236 line at $ 2,035. This includes the low almost $ 1.75 the critical area to view, which matches the projected support zone of the analyst.
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If XRP is not higher than $ 2.00, it can slide to that higher layer. A red arrow drawn on the daily candlestick time frame -graph shows the route of this decline. As such, XRP traders must prepare for the possibility of a strong disadvantage, unless there is a strong reversal before the crypto breaks under $ 2.
The bearish sentiment from XRP is gradually becoming intensifying. If this correction remains uncontrolled, a retest of $ 1.70 to $ 1.80 can be reduced earlier than expected. At the time of writing, XRP acts at $ 2.13, with 3.85% in the last 24 hours and 8.9% in the last seven days.
Featured image of Getty Images, Chart van TradingView.com