200 Interactions, 2 today
For some time now, the XRP price has been in a bullish pattern – and this trend will continue as long as the price remains above the growing trendline. However, dark clouds emerge on the horizon, and a triangle reversal pattern warns of impending danger.
Triangles of this type often develop at the peak of a pattern, but they may also form before long-term consolidations. According to Elliott Wave Theory trends, such a triangle that reverses market movement is part of a flat pattern or a dynamic horizontal pattern.
The relation of the Ripple price to the previous two triangular patterns reveals the issue with the Ripple price. They functioned as pennants – continuity trends. A continuation pattern over an increasing trendline is bullish enough to justify a jump to higher lows, which occurred.
Just recently has the triangle broken lower, and the price is on the verge of breaking below the increasing trendline. The central area shown below is crucial for the market action in the short-to-medium term.
It will be quite something if the cryptocurrency demand peaked during the week Coinbase became a publicly traded business.
XRP Price Technical Analysis
Bulls can pull some chips from the table as the triangle as a reversal pattern warns them to be cautious. A step below the main area indicates further deterioration. Bears should wait for such a change before shorting with a halt at the highs.