XRP’s price to meet a distant bearish wave when it breaches descending triangle

The beginning of September saw the price of XRP march along with the bulls and peak at $0.32. However, the force of the bear was something the market didn’t reckon with. Soon, XRP fell by over 12% in a single hour, bringing its price back to earth and back to $0.2413.

The market cap of the third largest coin was $10.46 billion, and its 24-hour trading volume was registered to be $1.16 billion, at press time. The coin also reported a lean growth of 0.79% over the past day, after falling by 17.19% over the past week. After undergoing a continuous crest and trough movement, XRP’s price might not find relief in the longer term.

Source: TradingView

The long-term chart for XRP suggested the formation of a descending triangle. Conceived as a bearish pattern, the descending triangle pattern bridged the lower highs at $0.7536, $0.4379, and $0.4147, while providing strong support at $0.2412.  As the price further consolidates with the corresponding volume, a breakdown in XRP’s price is imminent.

The 21 moving average rested under the candlesticks, reflecting a bullish trend in the market. Thus, there could be a momentary boost in the price of XRP. However, a trend reversal could be near as the MACD line was under the signal line, indicating a bearish market.

Conclusion

The long-term chart for XRP highlighted a bearish wave forming in the distance. However, due to the bullish momentum in the market, the price may experience growth before falling in the long-term.