XRP Price Breaks Symmetrical Triangle Downwards, What’s Next

There is a mixed sentiment within the XRP community on the prospects of the digital currency picking up a growth course in the short to long term.

Though there has been a relatively more bearish trend in the broader crypto ecosystem, XRP has faired poorly compared to its counterparts. While the combined crypto market cap has dropped by 0.42% to $1.56 trillion, XRP has recorded a steeper loss of 0.85% in 24 hours to $0.5129.

To uncover the impact of the mega slump XRP has been recording, top community influencer Crypto Rover highlighted how extensive the coin’s “Breakdown” has been since at least the second quarter of 2021.

XRP Price Drawdown and Projected Surge

According to Crypto Rover’s chart, XRP dropped from a high price of around $1.82 in mid-April 2021 to the current price of $0.5129.

XRP appears to have been trading in a symmetrical triangle since that time, with the price now breaching the base of the triangle in what might mark a further plunge if left unchecked.

Responding to the post from Crypto Rover, some community members argued that the interpretation of the charts is a subjective deduction as many meanings can be inferred from it. 

XRP has always come under intense scrutiny from members of the community for always lagging, even in periods where general market sentiment favors intensive growth. 

Despite its poor performance, many proponents continue to back the coin. Prior to this post, Crypto Rover has always posited that XRP needs about 8 to 10 weeks for proper consolidation before it prints its long-awaited correction.

While he has typically failed to provide the potential price target for XRP, current bullish projections peg the price of the asset north of $1 by the end of this year.

XRP Has Created a Defined Support

One notable trend in the negative slope created by XRP’s price is the defined bottom set along the way.

Per an earlier report from The Crypto Basic, the $0.51 price level marks one of the most pivotal for the coin, often acting as a bounce-off zone in times of critical selloffs.

According to notable market analysts, XRP needs to stay above $0.51 to avoid a steep drop to $0.34. Some analysts believe that the ongoing market downturn could cause a further drop to the range of $0.35 to $0.45, which they see as an attractive buy opportunity and XRP’s bottom price level.

While the bearish forces at play typically hint at deeper falls, chances are the evolution within its ecosystem and any potential uplift in general market sentiment will help forestall further bearish slides.