XRP Technical Analysis: Momentum Falls Under Descending Triangle

XRP price falls gradually under the influence of a resistance trendline, and the 50 EMA projects a high possibility of the $0.40 fallout. Key technical points: XRP price fell 4.21% in the last 24 hours. The Stochastic RSI hints at a trend reversal. The 24-hour trading volume of Ripple is $1.37 Billion, reflecting a 19% drop. Past Performance of XRP As evident by the past trend in XRP/USD chart, the market value has eroded dramatically after the $0.050 retest resulting in a 30% downfall to $0.37. However, the bullish V-shaped reversal increases the price to $0.45 with a bullish engulfing candlestick. Furthermore, the buyers failing to sustain the pressure results in a falling trend with lower high formations and a solid base at $0.440. Hence, the price action shows the formation of a descending triangle pattern. Source-Tradingview XRP Technical Analysis The retracement rally in the XRP prices shows lower price rejection from the $0.40 support level, increasing the chances of a bullish reversal. Hence, traders can find a reversal entry opportunity at current market prices. Analyzing the momentum indicators, the RSI slope shows a sideways trend as the price trend contracts within the triangle. Hence, a bullish divergence is evident and hints at a bullish breakout. Furthermore, the Stochastic RSI showcases an early bullish crossover in K and D lines in the neutral territory. Hence, the possibility of a reversal rally surpassing th...