Ripple [XRP] – Could THIS bearish pattern drive prices to $2.60?
![Ripple [XRP] – Could THIS bearish pattern drive prices to $2.60?](https://static.bitprismia.com/feature-images/AMB-Crypto/4c24c124e9d78d4b07a0a339b6def784.jpg?x-oss-process=image/resize,m_lfit,w_708,limit_0/quality,q_90/format,webp)
Main Idea
XRP is showing a bearish Inverted Cup and Handle Pattern, potentially leading to a price drop to $2.60 if key support levels fail, despite some indicators suggesting long-term holder confidence.
Key Points
1. XRP is forming a bearish Inverted Cup and Handle Pattern near $2.95, with a potential 13% drop to $2.60 if support fails.
2. The asset has dropped nearly 20% from its July highs, with trading volume down 17%, indicating reduced trader engagement.
3. Key support levels to watch are $2.55 and $2.40, as highlighted by analyst Ali Martinez.
4. Despite the bearish pattern, the Supertrend indicator remains green, suggesting some bullish signals.
5. On-chain data shows $88 million in XRP outflows from exchanges in 48 hours, indicating long-term holder confidence.
Description
XRP price may tank if these conditions are met.
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