XRP Technical Analysis: Bears Smash The Flag Pattern

The XRP coin price shows a bearish fallout of the flag pattern with a 10% fall below the 50-day EMA. Will the downfall continue to reach the $0.58 mark? The XRP coin price breaks below the $0.78 support level with a bearish engulfing candlestick of 10% downfall. However, the following candles show lower price rejection with the long-tail formations. Hence, the possibility of a reversal to retest the bearish fallout is increasing significantly. Key technical points: XRP coin price shows a reversal from $0.70. The MACD and signal lines give a bearish crossover. The 24-hour trading volume in the Ripple token is $2.92 Billion, indicating a 30% fall. Past Performance of XRP XRP coin prices formed a pennant after the 45% price jump from $0.58 to the 200-day EMA. The consolidation trend between the bearish aligned EMAs kept the triangle intact for weeks. However, the recent increase in selling pressure breaks below the 50-day EMA and the flag pattern in the daily chart. Source-Tradingview XRP Technical Analysis The altcoin price action creates a hammer candle in the daily XRP/USD chart after the fallout of the flag pattern. However, the lack of bullish commitment evident by the loss in trading volume warns of an abrupt reversal. The crucial 50, 100, and 200-day EMAs showcase a falling trend in a bearish alignment as the prices trade below all the EMAs. However, the recent retracement may shortly test the 50-day EMA. The RSI Indicator...