XRP price could be entering the bottom stages before the next rally occurs. Key levels have been identified.
XRP price could make a move
XRP price could be setting up for a profitable knife catch opportunity. On September 27, the bears flexed their power and invalidated the triangular pattern that coiled around the $0.47 price level. In doing so, the bulls now stand a chance to really into much higher targets in the long term as the triangle’s invalidation also deems an entire trend reversal as less probate.
XRP price currently auctions at $0.4312. The bulls have lost grounds at the 8-day exponential moving average at $0.45, while bears are likely aiming for the 21-day simple moving average at $0.40 in the process.
Although the downtrend is steepening, the bear volume is still less than the volume witnessed during the 70% rally a week prior. If the volume remains tapered, the XRP price will stand a chance to rally impulsively once more in the coming days.
A conservative target will be a 30% rally towards the $0.56 price. Invalidation of the bullish thesis is a breach at $0.35. If the bulls were to tag the $0.35, the entire uptrend would be in jeopardy. The bears could be able to send XRP price into the summer lows at $0.28. Such a move would result in a 35% decrease from the current market value.