Tuesday, October 26, 2021
Home Crypto News Analysis XRP Price Before A Trend Reversal-Ripple Threatens A Price Drop Of 50%

XRP Price Before A Trend Reversal-Ripple Threatens A Price Drop Of 50%

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The XRP price broke out of a symmetrical triangle on Tuesday and could lead to the beginning of a trend reversal.

You can recognize a symmetrical triangle formation by the two trend lines. The upper trend line is inclined downwards, and the lower trend line upwards. 

As a result, both trend lines converge at the top of the formation and form the typical triangular shape. It is essential that both trend lines should touch the candles at least twice and that the price within the formation has at least four touching points. 

The volume is usually highest at the beginning of the formation and then steadily decreases. Only when there is an upward or downward breakout, then an increase in volume be recognized again.

XRP price could fall as low as $ 0.30

Ripple Threatens A Price Drop Of 50%

In the event of a trend reversal, the measurement rule for determining the minimum exchange rate is different from that for a continuation of the previous trend. To calculate the XRP price, we have to choose the difference between the high point and the low point within the formation and then project it down to the breakout point. 

This results in a minimum target price of just under $ 0.30. Around 50% below, this target is well below the current price of Ripple.

Achievement of the target on breakouts in the opposite direction is less reliable if the previous trend is continued. In trend reversal, the minimum price target is only achieved in 57-62 percent of cases.

Currently, the XRP price found support at $ 0.55. Additional Weekly support lines can be found at around $ 0.47 and just under $ 0.40.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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