XRP has been underperforming other top cryptocurrencies.
An underperformance during a bullish surge which took place last week resulted in Ethereum once again surpassing XRP in terms of market cap and taking the position of the largest altcoin by market cap.
Price seems to be trading in a downtrend with each lower high meeting resistance at the downward sloping trendline.
This is bringing price close to support at $0.296 and price is already after testing this level a number of times.
The repeated tests of the level increase the likelihood that price will break below with each test resulting in progressively fewer buyers to hold the level.
Every time price has traded above the downward trendline; sellers quickly arrived to bring the price back within the trendline.
The same situation has been taking place for an upward trendline connecting higher lows forming from the mid-December low.
With downward trendline sloping steeper, the pattern is more bearish and is forming as a bearish continuation pattern.
The key points to monitor for support for XRP price are the upward trend line and the $0.296 level.
- An underperformance from XRP has resulted in Ethereum overtaking it to reclaim the position of the largest altcoin in terms of market cap.
- Price is trading in a bearish trend continuation pattern with a downward trendline connect lower highs.
- Key support levels to monitor are upward trend line and $0.296.
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