Bearish Scenario: XRP Forms Head and Shoulders Pattern
Most assets in the cryptocurrency market are currently experiencing sideways trading, and XRP is no exception. However, a technical analysis chart pattern suggests that the period of stagnation for this cryptocurrency may soon come to an end.
The pseudonymous crypto expert, CoinsKid, has shared an analysis by a teammate who observed that XRP has formed a head and shoulders pattern. Typically, this pattern indicates a bearish reversal. The analysis was explained in a video streamed on September 28.
The Bearish Scenario
The analyst suggests that if XRP breaks down from the head and shoulders pattern, which consists of three peaks (a higher peak between two lower peaks), it could lead to a significant price decline towards $0.46419.
However, the accuracy of these predictions will depend on various factors, including developments related to the legal standoff between the United States Securities and Exchange Commission (SEC) and Ripple, a blockchain company.
Hot Take: XRP’s Future Hangs in Balance Amidst Legal Battle
As XRP forms a bearish head and shoulders pattern, it faces uncertainty amidst the legal battle with the SEC. If the cryptocurrency breaks down from this pattern, it could experience a significant price decline. However, the outcome will depend on various factors, including regulatory developments. Keep an eye on the legal standoff as it continues to impact XRP’s future.
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