XRP Price in Falling Wedge – Will It Reverse from Declining Soon?

Fri, 11/22/2019 - 13:52
Yuri Molchan
A crypto trader breaks a bearish forecast on XRP, however, he points out at the Falling Wedge pattern the coin is forming
Cover image via 123rf.com

On Thursday, the XRP price plunged below the psychologically important level of $0.25 and is now trading at $0.23, showing a decline of 5.51 percent.

As Bitcoin price has plunged even lower, the cryptocurrency market is going through a bloodbath.

Ethereum and EOS are suffering the most, both losing over 12 percent.

Next comes Bitcoin Cash (-13.10 percent), then father crypto Bitcoin (-10.28 percent), Litecoin, Bitcoin SV and Binance Coin.

Image via CoinMarketCap

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

A crypto analyst is forecasting XRP to slide further down to $0.22.

However, he points out to the fact that the XRP price is forming a Falling Wedge pattern. Wedge patterns have a high chance of reversing, so in the case of the Walling Wedge, the community might perhaps see XRP ascending soon.

Still, a recent forecast offered by @themooncarl analyst, when BTC also formed a Falling Wedge pattern, has not come true.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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