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The RSI (Relative Strength Index) has dropped to 33.98, close to oversold territory, and is hovering just above a historical support level at 33.91. This signals weakening bearish momentum and the possibility of a rebound. A bounce in RSI from this zone often precedes a price recovery.
Meanwhile, XRP has broken below its 50-day EMA (red line) but still holds above the 200-day EMA (blue line), currently at $1.94. A successful reclaim of the 50-day EMA could catalyze renewed bullish sentiment.
Conversely, a break below the descending channel’s lower trendline could trigger a classic bearish reversal pattern.
Inverse Cup-and-Handle Pattern Indicates 38% Crash by May
XRP’s daily chart also reveals the formation of an inverse cup-and-handle pattern, a bearish continuation setup that typically signals deeper downside.
XRP has broken below the pattern’s neckline and is now retesting it as resistance — a breakdown stage. Typically, a breakdown below the inverse cup-and-handle neckline leads prices to level at a length equal to the pattern’s maximum height.
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