XRP’s price has been becoming increasingly bearish as the week progresses.
Last week, the price of XRP broke bearishly out of a descending triangle which is a typical trend continuation pattern.
After a number of tests at resistance at $0.335, the price has started forming lower highs, and each daily candle has been reflecting an increasing possibility of the next significant move being bearish.
While the week started with candles recording increases and testing $0.335, the more recent tests have been weaker.
Yesterday’s candle was a Doji which is a candle that forms when the open and the close are around the same point.
This shows indecision in the market and reflected weakness in price pushing up to test $0.335 yesterday.
Today’s candle is recording a loss and trading further away from the $0.335 level.
Price is currently trading just above $0.32 but looks more likely to continue downward from here.
The 4-hour XRP chart shows in more detail each test getting progressively weaker.
The first test took place on high levels of momentum to the upside.
The second test was weaker with price only briefly trading near the level.
Price failed to reach the level on the third test and has started to move downward from here.
- After a bullish start to the week, the price of XRP has become progressively weaker as the week continues.
- Price has tested the $0.335 resistance three times in recent price action with each test being weaker.
- The price is starting to form lower highs, a more bearish price pattern.
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