Ripple (XRP) Could Drop to $0.43 After a Fake Out Yesterday

• XRP’s price dropped 2.57% to trade at $0.4611 at press time.
• The daily ascending triangle chart pattern may not play out.
• XRP’s price is likely to drop to the support zone between $0.43-$0.45.

The price of the remittance token Ripple (XRP) is trading at $0.4611 after a 2.57% drop over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap. XRP’s price movement remained green over the past week as it posted a weekly gain of 3.04%.

After setting a daily high at $0.4756 over the last 24 hours, XRP’s price has dropped closer to its daily low at $0.461. Its daily trading volume has also slipped 16.95% over the last day, as the total daily trade volume currently stands at $1,395,610,650 at press time.

The price of XRP attempted to break out of the parallel price channel established on its daily chart. However, the breakout was a fake attempt, as the token’s price dropped to its current level shortly after the spike. XRP’s price is now being held down by the daily 9 and 20 Exponential Moving Average (EMA) lines.

Furthermore, XRP’s price is currently in an ascending triangle chart pattern after it posted higher lows and constant highs, which is a bullish sign. However, its flat price movement over the last week suggests that a bullish rally is not on the cards for XRP as it approaches the end of the cart pattern.

Breaking below the current daily chart pattern, XRP will drop to the support zone between $0.43 and $0.45. If this drop plays out, then bulls may look to step in to seize the buying opportunity, which will temporarily boost the price of XRP.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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