BARCELONA, Spain – If you are a bull, the looks of the XRP in the charts might be depressing. If you are a bear, you might be hopeful for what is to come. Ripple has been inside a descending triangle, normally bearish in technical analysis. Whether upward or downward, its presence per se indicates a bearish momentum.
Ripple is currently at the final third of the triangle, where breakouts are likely to happen, as observed in the past. Experts are warning bulls that Ripple’s price may flunk down to $0.25. However, it is not absolute. There might be a “major fakeout” that might happen.
Multiple technical analysis indicators might show if a possible fakeout will happen. Kumo Twist can point out where new highs and lows might develop. This instrument is part of the Ichimoku system. Experts are analyzing the movement of XRP using this tool to identify if there are possible bear traps.
If fakeouts happen, then things can go north for Ripple. A retest on the resistance levels may be possible, and it could even reach $0.75 or $1.
May has been a good start for Ripple, but things are still uncertain as this altcoin shows high volatility. Daily, its price fluctuates. Note that it is not only for Ripple but also for the whole cryptocurrency market. Even the strongest players in the market, like Bitcoin and Ethereum, have their fair shares of declines and dips.
Ripple has a possible upward trend, but it remains a potential. That potential appears unlikely to occur with how it is performing unless the bulls will put pressure on the market. XRP’s value could swing up again if that scenario were to happen.
If you hold or own an XRP, stay updated as it moves wildly.