Source: Cointelegraph/TradingViewThe bulls must hold above the 50 SMA to stop the downtrend from continuing. This will increase the chances for XRP to break above the $2.35 and $2.42 supply zone and later to the pattern’s high at $2.47, invalidating the bearish outlook. Popular crypto analyst Dark Defender remains optimistic about XRP’s ability to recover from the downtrend and enter price discovery.“The primary correction on the weekly, daily frame and 4-hour structure is over for XRP,” the analyst said in a March 17 post on X. Although there will be more “minor ups and downs” along the way, he added, the altcoin has “started Wave 1 with an aim of $5.85.”Key levels to watch for Dark Defender are support at $2.22 as support and resistance at $3.39.“The upcoming weeks will be fantastic.”XRP/USD daily chart.
XRP’s market structure hints at a retest of $1.90XRP’s price action on the four-hour candle chart has painted an inverted V-shaped pattern, as shown in the chart below. Key takeaways:An inverted V-shaped chart pattern occurs when the price of an asset rises rapidly to a peak in a steep, near-vertical ascent and then falls just as abruptly, forming a shape that resembles an upside-down "V". This indicates that the buying pressure has become exhausted.
Source: GlassnodeHistorically, assets with declining open interest struggle to maintain upward momentum, as capital leaves the market. For XRP, this could mean that even minor selling pressure might trigger a cascade of liquidations, especially if leveraged positions are forced to close. Without renewed interest from institutional or retail traders, XRP’s price more downside.
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Author / Journalist: Cointelegraph by Nancy Lubale
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