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XRP Price Analysis: Potential Further Downside Before Rally

Ripple XRP: BEARISH Pattern but can XRP BREAKOUT?
Ripple XRP: BEARISH Pattern but can XRP BREAKOUT?

Introduction

XRP, the native cryptocurrency of the Ripple network, has been on a downward trend in recent months. In this article, we will discuss the technical analysis of XRP on the one-hour and daily timeframes, highlighting key indicators and potential price movements.

One-Hour Timeframe

On the one-hour timeframe, XRP is expected to experience short-term volatility as mini structures complete. This suggests that traders should be cautious and use risk management strategies when trading XRP in the near term.

Daily Timeframe

On the daily timeframe, XRP is potentially forming a diagonal-based pattern. This pattern can lead to a significant three-wave structure, with the potential for further downside before a rally. Additionally, a death cross on the daily chart is anticipated, which suggests a bearish outlook for XRP in the short term.

Long-Term Outlook

The long-term outlook for XRP suggests further downside before potential accumulation opportunities. This is due to the overall bearish sentiment in the cryptocurrency market and the ongoing regulatory challenges facing Ripple.

Conclusion

Traders should be cautious when trading XRP in the current market environment. Short-term volatility is expected, and there is a potential for further downside before a rally. However, the long-term outlook for XRP is still positive, as the Ripple network continues to innovate and expand its reach.

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