XRP price triggers a 70% bearish breakout; this is what traders can do - Aliens: AI Crypto News & Markets Updates
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XRP price triggers a 70% bearish breakout; this is what traders can do

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AMB Crypto

Wed, May 11, 2022

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Aliens TLDR

XRP’s price has set in motion a bearish outlook that could push it back to levels last seen in December 2020 and during the COVID crash of 2020.

XRP price action since 29 March has created four distinctive lower highs and higher lows, which when connected using trend lines show the formation of a symmetrical triangle, a pennant.

Although XRP price resolved in a bullish move after the last three retests of the lower trend line, the latest tag, however, resulted in a bearish move.

As the crypto markets crashed on 5 May, XRP price followed suit, breaching the pennant’s lower trend line at $0.575.

However, unlike a lot of altcoins, the XRP price has maintained its momentum and not flash crashed.

Therefore, the chances of dropping lower are still on the cards for XRP price, which interestingly, supports the bearish outlook described from a technical standpoint

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