XRP’s current rate action has actually been dull to state the least, with its noteworthy rise approximately highs of $0.35 being consulted with considerable resistance which, paired with the bearishness seen throughout the aggregated crypto market, led it to see a significant retrace.
The cryptocurrency now seems in a precarious position, as it is presently captured within a bearish technical pattern that might lead it considerably lower in the near-term.
This, paired with the truth that the crypto is revealing numerous bearish technical indications, appears to recommend that additional losses might be impending.
XRP Combines Around $0.27 as Experts Eye a Bearish Head and Shoulders Pattern
At the time of composing, XRP is trading own over 1% at its current price of $0.27, which marks a significant decrease from its weekly highs of $0.32 that were set previously today.
From this point, the crypto saw some choppy trading prior to going up to highs of $0.31 on Wednesday, which is when the aggregated crypto market saw an extreme selloff that was triggered by Bitcoin’s flash crash from $10,200 to $9,200
Peter Brandt, an experienced trader and extremely appreciated expert, discussed XRP in a current tweet, describing that it is a possibility that the crypto is forming a bearish head and shoulders leading, which might lead it as low as $0.20 in the near-term.
” It will be intriguing to see if this H&S top plays out. If so, the target would be.2071 This Tweet presents a possibility. This is not a forecast,” he described while indicating the chart seen listed below.
It will be intriguing to see if this H&S top plays out. If so, the target would be.2071
This Tweet presents a possibility. This is not a forecast. pic.twitter.com/IJiMR2AEnV
— Peter Brandt (@PeterLBrandt) February 20, 2020
These Technical Aspects Likewise Suggest Additional Losses Might be Impending
The bearish head and shoulders pattern Brandt referrals isn’t the only thing presently counting versus XRP, as there is a myriad of other technical elements that recommend additional losses might be impending.
Cold Blooded Shiller– a popular cryptocurrency expert and trader– discussed these consider a current tweet, indicating growing resistance and its just recently formed lower high as 2 of these elements.
” Isn’t XRP simply the simplest HTF short today? Weekly lower high. Weekly SFP. Weekly Resistance. What am I missing out on aside from pure hopium?”
Isn’t $XRP simply the simplest HTF short today?
Weekly lower high
Weekly SFP
Weekly ResistanceWhat am I missing out on aside from pure hopium? pic.twitter.com/CfkdQMwwrX
— Cold Blooded Shiller (@ColdBloodShill) February 22, 2020
It is likely that XRP’s rate action will be rather based on that of Bitcoin, as any additional BTC disadvantage would likely validate this bearishness and possibly lead XRP and other altcoins to see considerably additional losses.
Included image from Shutterstock.
Cole Petersen Read More.
