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$XRP : Descending Triangle Formation and Potential Scenarios Explained
$XRP is currently trading at $2.14, exhibiting a clear descending triangle pattern, which is inherently bearish. This pattern is characterized by a descending trendline acting as resistance and a horizontal support area, which is visibly marked in the chart as a green rectangular zone. The current price is hovering within this support area, indicating a critical juncture.
Scenario 1 : 👇
If the price manages to bounce from this support region (indicated by the green arrow pointing upwards), it will likely retest the descending trendline. This bounce could be driven by short-term buying pressure or a temporary relief rally. However, the overall bearish structure suggests that this bounce might be short-lived.
Scenario 2 :👇
A more concerning scenario is a breakdown below the current support area (indicated by the white arrow pointing downwards). This breakdown would signal strong selling pressure and could trigger a significant decline towards the next support zone, which is marked as a lower green rectangular area. The volume profile indicates significant trading activity around the current price, suggesting that this level is crucial. Traders should closely monitor the volume and price action to determine whether a bounce or breakdown is imminent. A decisive break below the support area, accompanied by high volume, would confirm the bearish scenario. #XRP #btc
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