Markets
XRP Price Maintains Bearish Momentum Amid Sluggish Market, According to The News Crypto
The cryptography of news –
- XRP price is developing a sideways triangle pattern as per the analysis.
- If the price falls below $0.48, it will likely fall further to test the $0.47 support level.
An important milestone has been reached by the XRP Ledger, although all eyes are on the ongoing lawsuit between Labs and the US Securities and Exchange Commission (SEC).
With the recent achievement of over 10 million XRP tokens locked in its AMM pools, the network has reached a significant milestone. However, this number has dropped a bit in the last few hours and now stands at around 8.9 million XRP locked in over 600 AMM pools.
Bearish momentum continues
A bearish crypto market is targeting the price of Ripple’s native token, XRP. As the rest of the market falls, XRP is now trading below the critical $0.50 level.
XRP price is developing a sideways triangle pattern, according to XRP daily chart analysis, with major resistance at $0.55 and substantial support at $0.47. Conclusively serving as the bid level and maintaining its role as strong resistance, the upper boundary of the range coincides with the 100-day and 200-day moving averages.
However, a rising flag pattern is usually indicative of the price continuing to decline previously. The lower boundary of the rising flag pattern and the essential $0.47 support level will form a crucial junction as XRP price approaches it.
At the time of writing, XRP is trading at $0.48, down 1.08% in the last 24 hours, according to data from CMC. Furthermore, trading volume fell by 22.62%. If the price manages to defy the trend to break above the $0.49 level, it will likely rise towards the $0.50 resistance level. However, if the price falls below the $0.48 level, it will likely fall further to test the $0.47 support level.