In May, the XRP race was still on a local peak of $ 2.65. In the meantime, however, the rate is a strong 18% lower, and a meeting of negative circumstances could even bring XRP to $ 1.70.
Technical analysis points to weakness in XRP price
On the daily graph, the price action of XRP was a reverse V. between 7 April and 2 June.
This pattern followed an initial increase of 62% from the rate of 1.61 dollars. Then the reversal started at the level of $ 2.65 and the Bears took over.
We then saw the Relative Strength Index (RSI) fall from 68 to 41 points since 12 May, indicating that the positive momentum disappears.
“While the course seems to complete the reverse V-pattern, XRP could further fall to the neckline of the pattern, which in the demand zone is 1.72 dollars. That would mean a decrease of 20% from the current course,” said Cointelegraph.
Risk of price falls is great for XRP
Not only at Cointelegraph they are pessimistic about the XRP course. The popular analyst Masterananda also has his reservations about the declining momentum, coupled with the rejection at some crucial price levels.
In his last analysis we see that XRP has come under a rising trend channel, with three consecutive daily closures under the lower trend line.
“The correction could take a while,” says Masterananda on TradingView.
Do you believe that XRP will correct with 20% or more from here?
Source: https://newsbit.nl/xrp-riskeert-crash-van-20-dit-is-waarom/
