The post Triangle Fails To HODL XRP Price Within, Warns $0.40 Crackdown appeared first on Coinpedia Fintech News
Following the bearish week, the crypto market witnesses a massive dump in the altcoins. Amidst the crashing altcoins, XRP price broke below the $0.50 psychological mark with an 11% fall last week.
As the XRP price loses the crucial mark of $0.50, the supply pressure is expected to increase this week. Currently, the altcoin hangs at the next support of $0.40 and warns of a new 52W low.
XRP price Performance
With a market cap of $23.47B, XRP stands as the 7th biggest crypto in the market. In the five weeks, the XRP price has dropped by 20% and lost the $0.50 mark. Currently, the altcoin trades at $0.41968 after the 6.58% drop on Sunday.
In the weekly chart, the XRP price fails to sustain within the triangle pattern as it breaks under the rising support trendline. With a Doji candle at play, the altcoin hangs at the $0.41 mark.
With $2M worth of long-side liquidations, the bearish powers are strong in XRP. Further, the 57% rise in the 24 hour trading volume bolster the ongoing correction rally.
Further, the breakdown of the triangle pattern warns of an extended crash in the XRP price. A drop under the $0.40 mark could test the bullish dominance at the $0.32 or $0.29 support levels.
Significant XRP Transfer Sparks Market Interest
A large transfer of 37,390,000 XRP, valued at approximately $16,064,836 USD, was made from an unknown wallet to the Bitstamp exchange. This significant movement of funds, tracked by Whale Alert, raises speculation about potential market impacts.
Such large transfers can indicate either incoming selling pressure or strategic repositioning by major holders.
Will XRP Price Float Above $0.40?
With the bearish breakdown and the rising supply pressure from the whales, the XRP price is under intense pressure. However, the demand stands strong at the $0.40 level, which is evident with the lower price rejection in the daily candle.
As it stands at a crossroads, a broader market recovery could pump the XRP price back above the trendline. A bullish reversal reclaiming the $0.50 psychological mark can reach the $0.68 peak. On the flip side, a drop under $0.40 will plunge to $0.32 or $0.29.