XRP price faces a 10% drop to $1.85 as a bearish rising wedge pattern emerges as whales dump 200 million Ripple tokens in under two weeks.
On June 18, the price of XRP was $2.14, with a 13% decrease in daily trading volumes as market interest decreased.
XRP has experienced an 8% decline in the past week, following today’s decline, as crypto prices retrace in response to investor apprehensions regarding the Israel-Iran conflict.
The emergence of a rising wedge pattern on a four-hour chart suggests that a 10% collapse may be imminent following the sale of 200 million tokens by Whales.
XRP Price Is Expected To Experience 10% Decline In Response To Increasing Wedge Pattern
The XRP price is on the brink of another collapse following the emergence of a rising wedge pattern on the four-hour chart, which suggests that the short-term momentum is about to shift toward bearishness.
This pattern is observed when the price is experiencing higher highs, albeit with higher lows, indicating that the buying pressure is progressively diminishing.
XRP is currently testing the lower boundary support line, which is again trending downward.
A crash of over 10% from the lower boundary line to $1.85 may occur if this support fails to hold.
This decline will reinforce a recent analysis by CoinGape, which indicates that Ripple’s price is at risk of plummeting to $1.80.
This adverse argument regarding the price of XRP is substantiated by the MACD indicator, which generated a sell signal when the MACD line plunged below the signal line.
The MACD histogram bars have turned red, indicating that the sell-side pressure is intense, and the price has also crossed below the signal line.
The Directional Movement Indicator (DMI) also exhibits a comparable perspective, as the positive DI points south while the negative one points north.
This further substantiates the bearish trend, increasing the likelihood of an 11% collapse if the $2.08 price support fails.
For the XRP price to invalidate this adverse outlook, it must surpass the resistance level of $2.33.
If positive catalysts, such as the Ripple v. SEC lawsuit that is nearing its conclusion, enable the price to surpass this resistance.
Whales Sell Two Hundred Million Ripple Tokens
According to Sentiment data, whales are selling XRP tokens rapidly, potentially leading to a 10% price crash and having a bearish impact on the price.
The whale addresses, who hold between 100 million and one billion XRP tokens, have decreased their holdings by 200 million.
The influx of these tokens into exchanges may contribute to a collapse.
Suppose billionaires begin to sell an increasing number of tokens. In that case, it may indicate a decline in confidence in the performance of the XRP price, and Ripple’s token could begin to decline.
Additionally, retail demand will fall below $2 due to a lack of confidence in future performance.
Consequently, the XRP price is encountering a significant obstacle in its recovery: the absence of substantial interest from billionaires as these addresses begin to be sold.
The price may experience a 10% decline in the near term to $1.85 due to the formation of a rising wedge on the four-hour chart.
