Although the market was controlled by the bears the price has still managed to stay above the critical point of $0.30 level. However, now traders, as well as analysts, are expecting XRP to take another nosedive.
XRP’s price is expected to dive to $0.22 according to the analysis of the Fibonacci (Fib) level that is 0.236 as well as the extension of the retrace of cryptocurrency in USD as Bitcoin continues to extend its market cap superiority.
This has been a long-time goal for the whales that want to achieve XRP accumulation.
XRP’s price action is bullish at the time of writing and has just completed an inverted head and shoulders pattern. Now a head and shoulder pattern is expected to form next as the price is expected to soon touch the neckline once again.
However, the trends point towards another bullish position to squeeze the shorts. The head of the inverse head and shoulder pattern should be as high as $0.363. This is just as high as the price was when it was in its previous consolidation phrase.
Ripple XRP price analysis further reveals that the point may be out of reach as the price may sink to the neckline at any moment. This is much more probable considering that the bears were able to stop the bulls charge in the recent day and stopped the price from rising above. The selling volume is consistently high and the price is consolidating below the neckline.
If the price falls to lower support and bounces back the price prediction of going above $0.35 will be confirmed. For this, the price must find strong support at the neckline.
Whether price falls or continues to rise steadily remains to be seen but traders are in for an exciting week