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Ripple’s XRP Faces Bearish Pressure as TD Sequential Signals Weakness
The cryptocurrency market is experiencing another bout of volatility, with Ripple’s XRP being one of the most heavily impacted assets. The recent price action has prompted a bearish signal from the TD Sequential indicator, raising concerns about the token’s long-term prospects.
A critical level for XRP’s price to hold above is $2.20, which could determine the next course of action. A breakdown below this zone may lead to further losses and potentially even a deeper correction. The head and shoulders pattern has added another layer of complexity to the situation, hinting at a potential trend reversal or continued downside.
In order to maintain its current bullish momentum, XRP must hold above the neckline support around $2.00. This resistance level is crucial as it could serve as the foundation for a bounce higher, potentially reversing some recent losses. However, if this support fails and the price drops below $1.50, there is potential for a 24% correction.
Ripple’s XRP faces bearish pressure as TD Sequential signals weakness
A bounce from the neckline could offer hope for recovery and potentially rekindle investor confidence. However, any failure to hold this critical level may strengthen bearish momentum and lead to further losses.
Source: https://cryptonewsland.com/xrp-faces-bearish-pressure/
