XRP Technical Analysis: Bearishness Grows Within Pennant

The XRP coin price surpasses creates an evening star pattern to break below the 200-day EMA. Are there any chances left of a bullish reversal? The XRP coin price shows a 9% downfall within the pennant pattern in the daily chart. Moreover, the downfall breaks below the 200 and 100-day EMAs and rests at the 50-day EMA. Will the downfall break below the 50-day EMA to give the pennant breakout? Key technical points: The XRP coin price creates a pennant price pattern. The altcoin price approaches the 50-day EMA. The 24-hour trading volume in the Ripple token is $2.61 Billion, indicating a 14% fall.  Past Performance of XRP The XRP price has been stuck in a wide gap since last week between the main resistance of $0.96 with support around $0.70. After achieving a local high at $0.91 The currency is settling but without enough energy to break free of the area. The price movement of the moment has resulted in a huge pennant, which will be resolved in the near future. Currently, the market price of the XRP token is $0.7922, with a 0.72% downfall in the last 24 hours. Moreover, the XRP/BTC pair at 0.00001971 rose by 0.74% in the past 24 hours.  Source-Tradingview XRP Technical Analysis  After the 46% price jump from $0.53 to $0.87, the XRP coin price action forms a triangle leading to the pennant pattern. Moreover, the recent reversal within the pennant projects the possibility of a downfall below the support trendline. The crucial 50, 100 and 200-day EMAs maintain a bearish alignment in the daily chart with the 50-day EMA providing support to the current market price. However, the fallout of the 50-day EMA will result in a downfall to the $0.70. The RSI Indicator shows the slope moving downways from the nearly overbought zone to the 50% line. Moreover, it breaks below the 14-days SMA indicating a downfall in the underlying bullishness. The MACD indicator shows the MACD and signal lines merging to give a bearish crossover in the positive territory. Hence, the end of the bullish histograms indicate the possibility of a pennant fallout. In a nutshell, the XRP technical analysis showcases a possible downtrend to the $0.70 mark. Upcoming Trend The XRP coin price anticipates a bears trend in the near future that may shortly start with the fallout of the pennant pattern. However, traders with bearish intentions must wait for the price action confirmation.  Support Levels: $0.70 and $0.50 Resistance Levels: $0.90 and $1.00

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