The continued inactivity in the Bitcoin price has clearly reflected on the rest of the cryptocurrency market as well. While the small accumulation trend in the market prevents sharp fluctuations, it also causes the volume to remain below the desired level. on the other hand Ripple (XRP) The probability of a downward trend in the price also increased.
XRPcontinues its current trend for a while. It managed to rise during this trend, although it was blocked during the recent declines. Somehow suppressing the resulting downward pressure, Ripple is trying to prevent sharp drops.
Looking at the wider time frame, XRP price is stuck in a parallel channel where the bears seem to be taking control. Koinfinans.com As we reported, the decrease in the interest of whales is another factor that reduces the possibility of reversal.
The ‘head and shoulders pattern’ emerging on the weekly chart is on the verge of initiating a collapse scenario by triggering a move towards lower support.
With a rejection from the neckline, the price is believed to halve and reach $0.1, which could be the last point of defense. It is believed that by investing whales here will raise the price by 30-40%.
As a result, XRP price remains in a downtrend regardless of the small bounce. According to the estimates of some analysts and influencers, cryptocurrency market may find its bottom points somewhere in the 1st quarter of 2023. Therefore, a subtle correction may be pre-programmed that could intensify the upcoming rally in the near future.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.