Ripple (XRP) had its price plunging under the psychological level of $1.0 on 26 November, unveiling bearish forecast possibilities. Meanwhile, the decline offered a buying opportunity as investors purchased the dip. However, the upsurges hit an obstacle at the descending parallel channel’s upper boundary and stopped. This chart formation detects XRP’s price movements while suggesting further losses.
XRP Bears Contemplate a 14% Drop, Eyeing $0.8405
26 November trading sessions had XRP price plummeting under the psychological level of$1.0, clearing the road for more losses. Meanwhile, the remittance token had its bulls trying to erase the losses with four consecutive bullish sessions from 27 November to 30 November. Nevertheless, the primary chart pattern’s upper border resistance curtailed the bullish efforts.
The daily price chart shows that XRP price hovers around the descending parallel channel’s top boundary at $0.9787. It is a bearish chart formation that hints at an extended bearish move. That will happen if XRP price movements remain confined within the plunging channel.
If the altcoin fails to surge beyond the declining channel, it might fall towards the channel’s middle border at $0.9094. Further losses under this area may witness XRP/USD tagging the channel’s bottom boundary at $0.8425. That would constitute a 14% fall from Ripple’s currency price.
The downward Moving Average at the Relative Strength Index at 38.97, near the oversold territory, confirms that bears dominate Ripple, emphasizing the bearish picture.
XRP/USD Daily Price Chart
Meanwhile, XRP may invalidate the bearish case by overcoming the closest resistance at $0.9844 gripped by the governing channel’s upper border. If that occurs, XRP may undo recent losses that started on 8 November. With that, the cross-border transaction token can regain the vital level of $1.00. Further upward movement can see Ripple exploring the $1.09 mark. Remember, the 50 SMA and 100 Simple Moving Average coincide at this level.
However, a much-awaited declaration has seen Kinesis Exchange introducing XRP coin, enriching the platform’s in-demand crypto selection. Such developments can help the sinking Ripple price. However, the SEC lawsuit and the current downbeat by the crypto space may hinder XRP’s upward momentum.