XRP price may be at risk of a further decline due to recent price movements, which suggest an imminent decline back down toward the $1.14 area. At press time, XRP was trading at $1.26, with a decrease of 2.8% over the past 24 hours.
XRP Breakdown Puts $1.14 Target in Focus
In a recent tweet, crypto analyst Ali Martinez shared a daily chart indicating that XRP has broken down below a symmetrical triangle on the daily timeframe. The breakdown signals a potential decline in price to $1.14, which would be about a 10% drop from where XRP is currently at.
The chart shows that after several months of consolidation, XRP price has broken down below the lower boundary of the triangle and is no longer able to support itself at those levels. Generally speaking, technical analysts view these types of breakdowns as being bearish, particularly when they follow extended periods of negative price action.
Martinez stated that XRP price is currently moving toward his previously identified target down based on what he identified as a confirmed breakdown of the triangle pattern.
Also Read: XRP Falls 66% From Peak as Analyst Identifies Buy Zones
Technical Indicators Continue to Favor Bears
According to TradingView data, XRP does have a bearish outlook with it trading at or below both of its 50-day and 200-day moving averages. Further, the RSI is currently close to levels indicating an oversold condition, indicating that bearish momentum has intensified.
Recently, XRP broke down below a key support level at $1.32, which should remain a significant factor impacting the price. If XRP cannot return to this support area, then further bearish movement may occur in XRP over the short-term time frame.
What Is Next for XRP?
Although XRP may experience a temporary relief rally due to being oversold, it still remains weak as long as it trades below major levels of resistance (failure to reclaim these resistance levels should keep bearish momentum alive).
Continued bearish momentum from here will likely result in an eventual move toward the analyst’s price target of $1.14.
Also Read: XRP on Bitwise Powers Strong $259M Tokenized Fund
XRP Price remains bearish, trading below key moving averages.
Analyst Ali Martinez sees XRP falling to $1.14 after a triangle breakdown.
Continued selling pressure could trigger a 10% decline.
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