XRP Token Price Analysis: XRP Token Broke out of the demand Zone, Will it show a bounce back?

• XRP token price is in a strong downtrend on the daily time frame, and currently, it is trading at $0.6170.
• The token is a forming symmetrical triangle bearish chart pattern on a daily time frame.
• The pair of XRP/BTC is trading at 0.00001581 with a increase of 0.13% in the market cap of the digital asset over the past 24 hours.

XRP token price is in a downtrend daily and it has also broken out of the long-term supply zone. XRP token price is trading above the Supply zone of $0.5170 on a daily time frame. The token forms higher low and higher high formation on a daily time frame. At present, the token is resting at a long-term demand zone on the weekly time frame, and thus it can bounce off the demand zone if the bulls support, and as a result the token can be seen moving upside. But if the token breaks the demand zone, it can fall rapidly.

Currently, the token is trading below all the crucial Exponential Moving Average (20, 50, 100) and could face rejection moving upwards. XRP token price has been trading in a small range from past trading weeks, and thus breakout on either side will trigger the big move. The token is currently trading at the upper band of the Bollinger band indicator. The Bollinger band’s range has become narrow, indicating an impulsive move in the upcoming trading days. Volumes have decreased, and thus momentum on any side will continue for a long time due to less volatility.

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