- XRP broke the lower end of an ascending triangle pattern on the daily chart on October 28.
- The bears don’t get a true follow-up, which signals a potential reversal.
XRP moved below an ascending triangle at $ 0.247 and hit a low of $ 0.243. Over the next 24 hours, the digital asset continued to decline towards $ 0.24. However, the bulls have managed to push the cross-border payments giant to a current price of $ 0.245.
XRP price may recover from bearish movement
While the breakout of the ascending triangle formed on the daily chart is a noticeable bearish sign, it looks like they aren’t getting any continuation so far. Price managed to rebound from $ 0.24 and recovered 50-SMA as a support level.
XRP / USD Daily Chart
The current candlestick is bullish as it has a long lower wick indicating that the bulls have bought the trough. If the positive momentum continues, XRP may jump towards the upper triangle trendline, which coincides with the 100-SMA at $ 0.26. A bullish breakout above this resistance level may lead XRP towards the next price target at $ 0.30.
XRP Holders Distribution Table
In addition, observing the distribution table of XRP holders provided by Santiment, it should be noted a significant increase in the number of whales holding at least 10,000,000 coins, from a low of 307 on September 22 to a current high. from 313.
Bearish momentum may continue to push XRP towards $ 0.21
Despite the current weakness of the bears, it is important to note that XRP has broken the triangular pattern and is struggling to defend the 50-SMA on the daily chart. The MACD turned bearish on October 28 and is gaining negative slope. The bearish price target remains at $ 0.21, representing a 15% drop in value.