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- A crypto analyst stated that if XRP breaks below the support trend line, it would reach the 29 cents support.
- XRP is currently changing hands at $0.4849, after experiencing a 7.85% fall over the week.
- There are still major signs of the continuous downtrend in the market as the remittance token doesn’t seem to be slowing down any time.
As the crypto market struggles in the red ocean of the downtrend, a crypto analyst revealed a surprising analysis for XRP. The crypto analyst under the pseudonym Leb Crypto took to X (formerly known as Twitter) to point out that the candlesticks on the XRP/USD 1-week chart have been touching the long-term support trendline.
Expecting a bearish sentiment in the future, the crypto analyst stated that if the candlesticks break below the support trend line, it would reach the 29 cents support. The crypto analyst further predicted that if the downtrend continues, it could hit 17 cents and the bear market may prevail in the fourth quarter.
#XRP MUST bounce.Way too many touches on the long term support trendline. If broken, 29 cents is next support. Then 17 cents.Probabilities favour lower in Q4.$XRP pic.twitter.com/5J9Zm2XYXt— LE₿ C®️YPTO (@leb_crypto) October 10, 2023
While some may see this as negative news, few traders may take advantage of this hypothetical scenario. One of the potential ways for traders to take advantage of this scenario is to enter the XRP market when is at $0.17 and wait for it to surge. However, it should be noted that the XRP has a large number of traders and they could rally to its defense if they sense a potential downtrend.
XRP 7-Day Chart (Source: CoinMarketCap)
At the start of this week, XRP was priced at $0.5281; however, the remittance token fell below the $0.5 level entering the red zone. Currently, XRP is changing hands at $0.4849, after experiencing a 7.85% fall over the week.
Meanwhile, XRP’s market cap is valued at $25,927,288,165 after a tumble of 2.48% in 24 hours. Moreover, the trading volume is valued at $756,980,389 after facing a fall of 22.18% in 24 hours. The downfall in the trading volume could be a sign that the traders’s demand for XRP could be reducing during this bear market.
XRP/USDT 4-Hour chart (source: TradingView)
Looking at the XRP/USDT 4-Hour chart, the candlesticks observed a huge red candle forming in the chart. The candlesticks dropped below the lower Bollinger Band; however, they currently remain within the premise of the Bollinger Bands. There are still major signs that the downtrend in the market for XRP will prevail as the remittance token doesn’t seem to be slowing down any time.
This downfall could be caused by the overall bearish sentiment of the altcoin market and macro factors such as the court ruling in the SEC lawsuit against Ripple. Overall, traders looking to enter the market may need to wait for signs that signal the end of the bearish trend.
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