• XRP broke the lower end of an ascending triangle pattern on the daily chart on October 28.
  • Bears are getting no real follow-through, which signals a potential reversal. 

XRP broke below an ascending triangle pattern at $0.247 and hit a low of $0.243. In the next 24 hours, the digital asset continued dropping towards $0.24. However, bulls have managed to push the cross-border payment giant to a current price of $0.245.

XRP price can recover from the bearish move

Although the break of the ascending triangle pattern formed on the daily chart is a notable bearish sign, it seems that it is getting no continuation so far. The price has managed to bounce from $0.24 and recovered the 50-SMA as a support level.

xrp price

XRP/USD daily chart

The current candlestick is bullish as it has a long lower wick, which indicates bulls bought the dip. If the positive momentum continues, XRP can jump towards the triangle's upper trendline, which coincides with the 100-SMA at $0.26. A bullish breakout above this resistance level can drive XRP to the next price target at $0.30.

xrp price

XRP holders distribution chart

Furthermore, observing the XRP holders distribution chart provided by Santiment, it is noticeable a significant increase in the number of whales holding at least 10,000,000 coins from a low of 307 on September 22 to a current high of 313. 

The bearish momentum can continue pushing XRP towards $0.21

Despite the bears' current weakness, it's important to note that XRP did breakdown the triangle pattern, and it's having trouble defending the 50-SMA on the daily chart. The MACD turned bearish on October 28, and it's gaining negative slope. The bearish price target remains at $0.21, which is a 15% value drop.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price is hovering above a stable support level after facing an intense rejection. While this foothold is likely to provide harbor, it will not be for long. Investors must prepare for a long squeeze as bears make an elaborate move.

More Tezos news

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price is in a no man’s land and depending on how the altcoin reacts to a few barriers, investors can bet on its direction. But a minor retracement in the short-term seems likely given the current market conditions.

More Avalanche news

Why Terra’s LUNA is bound to face a technical punishment

Why Terra’s LUNA is bound to face a technical punishment

Terra (LUNA) price action is facing headwinds from both sides as a technical candlestick pattern is throwing a spanner in the works, together with that long-feared dollar strength that is re-emerging after several warnings from Fed.

More Terra news

Why Solana price action is going nowhere

Why Solana price action is going nowhere

Solana's (SOL) price, from a first glance at the sheet, looks bullish and set forth to continue its rally and winning streak. However, a closer look under the hood reveals that on a weekly chart, price action is going nowhere and could soon collapse once a tail risk gets inflated again.

More Solana news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP