Therefore, the token is breaking multiple support levels, which may prevent further decline.
Price
XRP
Since February 13th, the stock has been consolidating for a long time, setting four equal lows and five lower lows. Connecting these points with a trendline forms a descending triangle.
The technical pattern predicts a 13% decline to $0.345, which is derived by measuring the distance between the first swing low and the breakout point at $0.398.
XRP broke below the lower trendline on February 26th at $0.375, triggering a decline to $0.350 and forming a flat bottom.
However, due to the lack of volatility in Bitcoin, most altcoin markets have lower returns. Therefore, bears will maintain control and prevent bullish momentum from driving up XRP prices.
If volatility returns in favor of the bears, an upward movement will result in a major collapse. That’s why investors should be cautious and not fall into the wrong direction.
However, if volatility fails to materialize, market participants can expect XRP prices to continue declining, testing support levels of at least $0.371. If bearish pressure continues to increase, the asset may reach the target of $0.345.
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On the other hand, if the bulls show strength, XRP prices are likely to experience a significant increase. In this case, altcoins will face resistance at the bottom of the descending triangle at $0.398, with the price moving at the time of writing.
If the XRP price manages to close above $0.455 on a four-hour candle, the bearish argument will become invalid. This move will create a higher top and tilt the odds in favor of the bulls, potentially triggering a rebound to $0.488.