XRP’s price has had enough momentum since its inception, that the current bearish reversal has had little impact on the token. The price has maintained its acute strength, as a result of which it has begun a significant recovery.
However, the recovery may be fleeting, as the price is about to plummet precipitously, possibly signaling the end of the current bear cycle. Following that, the price may begin a nice upswing, potentially leading the entire crypto space higher.
In the long term, the popular token is sending out huge bearish signals, which could lead to a 50% drop in price in the coming days. Coinpedia previously reported on the formation of the Golden-Cross in the daily chart. However, the recent market crash rendered bullish scenarios obsolete, increasing the likelihood of bear dominance.
The XRP price has been trading in similar wave patterns since 2016, according to the long term chart of the XRP. Close inspection reveals that the rally is about to complete the final wave, after which a strong upswing may begin. However, in order to reach the higher levels, the price may fall below $0.2, representing a 50% drop in price.
Second, the 2022-23 pattern shows the formation of a bearish head and shoulders pattern. If the price falls towards the neckline, it may reach the bottom at around $0.18, which is also the bottom of the falling wedge. The price may find support at the bottom of the falling wedge, providing a once-in-a-lifetime opportunity to enter.