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<\/p>\nAfter not necessarily bullish in the short term.<\/p>\n
According just broken beneath a well-respected trendline that had been tracking higher lows since early April. The breakdown of this RSI structure, which is shown on the lower half of the chart below, is a strong shift in the short-term momentum dynamics for XRP. <\/p>\n
It shows that despite the XRP price holding relatively flat above the 0.5 Fibonacci level at $2.13, internal market strength has clearly weakened.<\/p>\n
The RSI had been forming a tightening wedge pattern for weeks, just like the price action\u2019s compression at the apex of a symmetrical triangle on the daily timeframe. This type of RSI trendline break typically signals a coming volatility expansion, and as the analyst warns, the release may come with a sharp sweep to major support before XRP reverses.<\/p>\n
It\u2019s a common occurrence for major price reversals to be preceded by a push into lower supports. In the case of XRP, crypto analyst CasiTrades highlighted some price targets to watch for reversals in case there’s a breakdown in XRP price.<\/p>\n
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XRP\u2019s price action is now entering an important test phase, one that could take its price lower before rebounding for the next major rally. Analysis from CasiTrades shows a few demand zones where buyers have stepped in. These demand zones are situated at $2.01, which aligns with the 1.236 Fibonacci extension, the $1.90 price level, and $1.55, which corresponds with the 0.618 retracement level from one of the recent rallies.<\/p>\n
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