Ripple XRP forming a Descending Triangle?? $0.14 price target
XRP is currently forming a very large and bearish Descending Triangle pattern on many timeframes. This is not surprising given how poorly the coin has performed since 2020.
It's likely we are looking at a BTC rally which XRP should follow, and if XRP cannot summon the strength, it will most likely hit resistance at the top of the triangle. If the pattern plays out, we could be looking at the technical price target of $0.14, but that doesn't necessarily mean it will play out.
XRP is also seeing a decline in volume , which is not a good sign given the pattern and overall formation. At the very least this chart pattern tells us weakening sentiment with the coin.
I would wait for confirmation of a break to the upside or downside before making any entries.
It's likely we are looking at a BTC rally which XRP should follow, and if XRP cannot summon the strength, it will most likely hit resistance at the top of the triangle. If the pattern plays out, we could be looking at the technical price target of $0.14, but that doesn't necessarily mean it will play out.
XRP is also seeing a decline in volume , which is not a good sign given the pattern and overall formation. At the very least this chart pattern tells us weakening sentiment with the coin.
I would wait for confirmation of a break to the upside or downside before making any entries.
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