New XRP lows could be imminent as analysts warn as the altcoin was caught within a range of sideways trading over the past week as we reported in the Ripple price news.
The cryptocurrency rangebound trading will likely not last long but the analyst noted that there could be another major downside coming in the weeks ahead. The next notable decline could be sparked by a bull trapping the move higher and some analysts even warn that new XRP lows could be imminent.
XRP was hovering sideways around $0.20 over the past few days and struggled to gain more momentum as Bitcoin and most of the other major digital coins consolidated. It now seems that the crypto could see a slight increase higher but the movement could mark a bull trap that is followed by the intense downside. Some analysts also pointed out to the striking fractal pattern that suggested the token could be positioned to see some notable downside in the upcoming days and could even set the multi-year lows.
At the time of writing, XRP was trading under 1% of its current price at $0.199 which is around the price at which it was trading for the past week. The sideways trading has come about thanks to the results that Bitcoin posted. The benchmark cryptocurrency struggled to garner any decisive momentum as it traded in the lower $9,000 region. XRP could soon put an end to this price action but the analysts believe that it could push higher to trap the buyers. One of the traders even said that he believes XRP will rally from the current price of $0.0000217 to $0.000024 BTC before starting a decline that will lead it lower.
“XRP looking pretty nice for a bearish retest of HTF resistance imo. This could of course deviate and fall back into the range, but the R/R to punt a long here is pretty decent.’’
The fractal patterns are controversial and have a track record of being accurate while XRP’s price action was similar to the one seen back in 2019 before it faced a huge decline that was led to plunging by 50%. The charts show that there are huge similarities and if Ripple’s XRP follows this path forward, it could be poised to set new lows against Bitcoin.
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