With the bearish clouds hovering above the crypto space, most of the assets are plunging hard with significant margins. The XRP price with the fresh descending trend, sliced through the ascending trend and slashed below $0.8. Therefore nullifying the possibilities of a flip or beginning with an uptrend, the price is expected to revisit lower levels.
The XRP price ever since lost the $1 mark showcased an extreme bearish trend and initiated its swing within the symmetrical triangle. Woefully instead of a bullish breakout, the asset broke down through the triangle as the asset is still bearish in the larger time frame. Moreover, the price is following the pattern and displays huge possibilities of visiting lower support at $0.5 again.
As seen in the chart, the XRP price nullified the short term ascending triangle to follow a huge descending triangle. And hence the possibility of the asset squeezing more gains surfaces. Considering the pattern in the larger time frame, the price may consolidate for another couple of months before a breakout. And once the price initiates with a flip yet another bull run could be ignited.
As per the analyst, whenever the XRP price in the recent past has formed this pattern, it has usually resulted in a strong breakout. Moreover, the uptrend gained nearly 1x to 5x of the value to hit the ATH too. Interestingly, a similar trend is witnessed where-in the XRP price is yet to reach the apex of the consolidation. And with a breakout, the price may be primed to hit $2 surpassing $1 initially and later $1.5 to $1.8, probably by the end of Q2.