Shaky Ground For XRP After Dropping 6 Points During Latest Correction

Shaky ground for XRP as the cryptocurrency dropped by 6 points during the latest correction although whales were loading up on the cryptocurrency. XRP failed to advance further while the support weakens as we read in the latest Ripple XRP price news.

XRP went down to retest the ascending triangle where it was contained since mid-September, putting the coin on shaky ground. If this critical support barrier fails to hold, the token could drop to If this critical support barrier fails to hold, the token could drop to $0..
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22. Whales were loading up as the price declined which suggests that all is not lost yet. XRP dropped by 6% over the past few hours which saw the token retest a critical support level. The bulls have to step in to avoid further losses. The stagnant price action saw over the past two months which led to an ascending triangle in the daily charts. The horizontal resistance wall developed along with the swing-highs while the rising trendline was created along swing-lows.

The cross-border remittances token tried to break out of the technical pattern but the overhead resistance was able to hold by rejecting the bullish momentum. The rejection resulted in an 8% correction which sent the cryptocurrency to retest the hypotenuse of the triangle. XRP now sits at a make-or-break point but another spike in selling pressure around the levels could be significant enough to break the support of $0.243. moving past the hurdle will likely see the prices drop by 15% towards the next area of interest at $0.217.

The target is determined by measuring the distance between the widest point of the triangle and the breakout point. It is also worth noting that a sudden increase in buy orders will eventually jeopardize the bearish outlook. If XRP can advance beyond the $0.26 mark, FOMO could kick in. Once the resistance level gets cleared, the odds for a 15.5% upswing to $0.30 will increase drastically. Despite the outlook that XRP represents now, large investors took the advantage of the downward price action to add more tokens to the holdings. Santiment’s distribution token index shows there’s an increase in the number of addresses that hold more than 1 million XRP. about 17 whales joined the network since October 17.

Larger investors moving in offers a little bit of hype for many XRP holders. The buying pressure continues to increase as prices could soon follow and break over the overhead resistance of the consolidation pattern that was mentioned previously.