Over the weekend, the XRP prices crashed even further, eventually falling below the $3 support level. This put it on the path for potential losses as the current downtrend could continue to deepen. At the same time, there were many bears who appeared for altcoins during this period. With a bearish formation piling up and sales continue to be the order of the day, analysts warn that they could be poised to crash XRP prices even further.
XRP prices may drop to the bottom of the channel
According to Crypto analyst Cobravanguard, XRP prices could drop rapidly to the bottom of current channels. This is because there is a risk that Altcoin will be reduced to the PRZ range outlined by charts shared by Crypto analysts on the TradingView website.
This PRZ ranges at the $2.8 level. In other words, Altcoin is dangerously close to actually falling below this point. At this level, two things can happen. The first is that the bull can maintain momentum at this point and then cause a bounce. In that case, the bearish paper will be invalidated and XRP prices can start the next wave of uptrends.
However, there is a high chance that XRP prices will fall below this PRZ range, paving the way for bears to control them. This means that support will be completely destroyed at $2.8, leading to a low of $0.26 before the cryptocurrency falls to the bottom of the channel and ends with out of control.
The descending triangle supports bears
Another Crypto analyst passing through Kooksootrade on the TradingView website also lends his voice, warning that XRP may be facing a possible decline. Analysts point to the formation of a weakened descent triangle.
As they explain, the price of XRP has already broken down the neckline, so the price continues to drop. Following this trend, Crypto analysts have explained that the bottom is absent and hopes that Altcoin will further pull down to the $2.45-$2.5 range before the descent ends.
Analyst Swarovski Academy supports this formation in its response to analysis, confirming that it is indeed a classic bearish pattern. Pointing to the breakdown of the neckline, they explain this as a powerful signal that suggests that there may actually be more decline. Unlike Kooksootrade, however, Swallowacademy expects its prices to fall below the $2.45-$2.5 range before bounces occur.
Featured Images of Dall.E, Charts on tradingView.com
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