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- XRP trades at $3.00, with volume down 65.26%, signaling heavy short-term selling pressure.
- The weekly price dropped 3.87%, highlighting weak demand and cautious behavior in the market.
- The bearish setup persists, but the bullish pennant suggests possible breakout targets near $4.15.
Ripple is currently trading at $3.00, which marks a negative change in the last 24 hours. The trading volume has decreased by 65.26%, reaching $3.59 billion. The sharp contraction indicates prevalent selling pressure and a bearish attitude in the short term.
Source: CoinMarketCap
In the last seven days, XRP has lost 3.87% of its price. The downward trend indicates a consistent decrease and a weakening of demand in the market. The asset remains a cautious trade and investment area with low hopes of improvement within a short period.
Descending Triangle Signals Bearish Risk for XRP
Crypto analyst Alpha Crypto Signal highlighted that a descending triangle would be clear on XRP’s chart. The lower highs are convergent with a flat base at approximately $2.75. Setters maintain possession of rebounds and crank up the pressure. A push below $2.85 would verify further bearishness, and probably a target will be $2.60 in case momentum is enforced.
The negative perspective is maintained as long as XRP remains below the $3.20 threshold. Breaking out to the upside will be challenging as sellers continue to dominate any rally attempt. The weighted structure of the price action suggests there are increased risks on the downside in the short term. This trading range is a decisive factor in whether XRP will take control again or even slide deeper.
Source: X
Also Read: Ripple Victory Fuels XRP ETF Frenzy as Asset Managers Rush to Win SEC Nod
XRP Forms Bullish Pennant
However, another analyst, CoinCodeCap Trading, revealed that XRP recently rose above $2.50 and beyond the 200-day SMA to a new peak at $3.66. The coin has since retraced into a bullish pennant formation. This arrangement is usually bullish, indicating a possibility of a further rise when buyers regain the power.
This scenario has targets of $3.66 and $4.15. These levels signify possibilities of continuation of the wider uptrend. This is also supported by fundamental factors. The optimistic anticipation is fueled by the dismissal of the SEC case, huge treasury purchases amounting to $400 million, and rumors of an XRP ETF.
Source: X
The momentum indicators are still neutral. There is a possibility of a recovery, as the MACD is trending upward. The RSI is in a neutral state, with no indications of overbuying or overselling. The support is at $2.80 and $2.50, whereas the resistance lies at $3.50, $4.00, and $4.15.
The short-term bias is in favor of the bears, but the long-term indications are bullish. Whether the token rises to the $4.15 mark or falls to $2.60 will be determined by the subsequent breakout.
Also Read: Whales Move $50M XRP to Coinbase as Ripple’s SEC Case Officially Closes
