RATE Group | XRP Positioned to See Major Downside Because of These Simple Factors
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XRP Positioned to See Major Downside Because of These Simple Factors

23 Feb XRP Positioned to See Major Downside Because of These Simple Factors

Posted at 11:46h in Bitcoin News by

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XRP’s recent price action has been lackluster to say the least, with its notable surge up to highs of $0.35 being met with significant resistance which, coupled with the bearishness seen across the aggregated crypto market, led it to see a notable retrace.

The cryptocurrency now appears to be in a precarious position, as it is currently caught within a bearish technical pattern that could lead it significantly lower in the near-term.

This, coupled with the fact that the crypto is expressing multiple bearish technical signs, seems to suggest that further losses could be imminent.

XRP Consolidates Around $0.27 as Analysts Eye a Bearish Head and Shoulders Pattern

At the time of writing, XRP is trading own over 1% at its current price of $0.27, which marks a notable decline from its weekly highs of $0.32 that were set earlier this week.

From this point, the crypto saw some choppy trading before moving up to highs of $0.31 on Wednesday, which is when the aggregated crypto market saw an…

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