The XRP market has been exhibiting a head and shoulder pattern for the second half of 2022, which is often seen as a bearish signal indicating a potential decline in price. This pattern occurs when buyers are unable to push the price higher after reaching a certain level of support, known as the neckline, leading to a downward trend. However, a bullish indication hints at a bounce back in 2023.
Key points:
A head and shoulder pattern govers the XRP price action
A bullish breakout from $0.4 will undermine this bearish pattern
The intraday trading volume in the XRP price is $372.1 million, indicating a 50% loss.
Source- Tradingview
Despite the recent bullish recovery reaching the heights of the 50-day EMA, the XRP market price takes a bearish turn to create a bearish pattern coming in the long term. In the month of December, the market value of the refill token has plunged by 16.5% and trades slightly below the mark of $0.35.
Coming back to the long term pattern, the price trend show
We współpracy z: https://coingape.com/markets/will-this-pattern-crash-xrp-or-is-a-bullish-revival-set-for-2023/
