Will the Descending Triangle Pattern Continue for XRP Price?

• XRP formed a descending triangle pattern that started in November.
• If this descending momentum continues, the coin would meet another dip.
• Currently, XRP is trading at $0.3791.

XRP moved to a low of $0.3735 in intraday trading with its price still hovering around the $3963 zone for the past few days. From the beginning of December, XRP price fell off the cliff, failing to reach above the $0.4070 resistance zone.

At press time, XRP was trading at $0.3791, a 1.35% price dip in the past 24 hours.

While tracing the XRP price dips, the seventh-largest coin by market cap has plunged by over 22% since the beginning of November. Besides, all the major coins including Bitcoin nosedived, specifically due to the fall of the FTX crypto exchange.

Looking at the one-day trading chart, XRP managed in part to consolidate its price above the $0.3748 support zone, but its price has slightly descended below this zone. Moreover, the price of XRP in the following days is partially dicey as it has been following a uniform price range since December 2.

However, if XRP repeats the same pattern it had during October 9 – November 2 period, the coin is expected to rise after the current fall. This is because, after the descending triangle pattern in November, XRP surged, as clear from the graph, and then went down to hold another dip.

To note, the descending trading pattern also indicates a continuous downward momentum and if this concept is applied, XRP would see another plunge in the future.

Apart from XRP, BTC (1.17%), ETH (2.65%), DOGE (4.65%), ADA (2%), and MATIC (2.9%) also saw a price dip in the past 24 hours.

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