As XRP investors anticipate a possible rally in the token, a trading expert is suggesting there might be more downside ahead before any rally.
In this line, crypto analyst Trading Shot, in a TradingView post on August 11, stated that XRP is showing signs of continued decline based on the token’s daily timeframe. The analysis highlights several key indicators pointing toward a bearish outlook.
The primary signal is a descending channel characterized by lower highs and lower lows. This pattern is typically associated with a bear market, suggesting that XRP is likely to continue its downward trend.
A significant event noted in the analysis is the formation of an inverted hammer just before the major drop leading to August 5, when the token dropped to $0.43. An inverted hammer is a candlestick pattern that often hints at a potential reversal or pause in the market trend. However, in this case, the pattern was followed by a brief bounce that resulted in a lower high, reaffirm
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