XRP mimics the broader market to form a strong bearish trend

on Mar 7, 2022
  • XRP’s prices are threatening to enter into a strong bearish trend.
  • The token has gained slightly during the past 24 hours, but it could also push towards lower levels.
  • However, if the bearish trend reverses, XRP could push towards $0.855 and target $1.

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The cryptocurrency market has been eliciting mixed reactions over the past few weeks. Cryptocurrencies have been attempting to break to new highs, but bears have been kicking in shortly after.

XRP is giving in to the price movement across the broader cryptocurrency market. XRP/USD has gained by 1.8% during the past 24 hours, and it is trading at $0.751 at the time of writing.

XRP is in a bearish state

The price of XRP is currently now showing signs of making a strong recovery. While a slight uptrend has been recorded during the past 24 hours, the bears are still in play. XRP’s price has teased a bullish recovery, but this has failed to be successful each time.

XRP’s price is currently showing a bearish price action. The token is close to confirming a bearish flag that could eradicate any bullish gains made during the past 24 hours. XRP’s price is currently in a danger zone if it fails to breakout past higher levels.

Currently, the price of XRP is attempting to push past $0.75. If it fails to maintain levels above $0.755, it could slump towards a bearish zone. This could drop the prices downwards, and they would test the target close to the $0.50 and $0.55 values.

Bulls could come into play

While the overall trend is bearish, there is a strong case that bulls could take over and allow XRP to head towards new highs. However, for bulls to invalidate a bearish trend for the short term, XRP’s price needs to close at above $0.79. Currently, buying and market support are weak and reaching these levels could fail, at least for the short-term.

If there is enough support to propel XRP’s gains, bulls could shoot to $0.855 and confirm that the price has overcome the bearish pressure. There is much need for XRP to prevent any major downtrends because this could make a case for the bears.

If XRP’s price breaks out past $0.855, this will allow the token to test the next major resistance levels at $1. At this point, bulls will be strong enough to push the prices towards higher levels.