The post <a href="https://coinpedia.org/price-analysis/bearish-flag-fluttering-over-xrp-price-it-may-reach-0-5-if-this-trade-plays-out-well/" rel="noopener noreferrer nofollow">Bearish Flag Fluttering Over XRP Price: It May Reach $0.5 if This Trade Plays Out Well</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
While the broader markets are trying hard to fight the bearish influence, <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">XRP prices</a> do not appear to have followed the trend. The March trade remained consolidated within a narrow range but at the start of the month, was extremely bearish. The levels slipped from the consolidated zone around $0.62 and dropped by over 8% to reach levels around $0.58. While the traders expect a bullish rebound, they may face another bearish heat soon.&nbsp;
The price entered a rising channel, where it rose to the support level, but with another bounce, it fell back to the support line of the channel. Further, the trade set-up flipped and experienced an upward impulse to the resistance level, thereby breaking the $0.5665 support zone. This caused a steep correction and a repeated upward impulse to $0.7440, breaking $0.6630 and exiting from the channel.&nbsp;
Now that the trade has headed towards the lower support of the triangle after breaking the resistance, will the bulls manage to hold the support?
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/Nj3Xv3umji4-c1VeiHXC2plEyWFu1r4XUcOdzoW1oVF_MUIalphVVTZJeOlqoMpDdoJgapbmjRzVn_eUvAASVaAqkOSSFxUPybL0rgDIX6yP5uCmRsXQdkSgPgGaIGQNXT-yyr2T84MAXOZN94o2e-E" alt="">
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As mentioned above, the XRP price has reached the lower support of the descending triangle, and now it would be interesting to watch whether the bulls could trigger a trend reversal. The trading conditions do not support a bullish narrative but the MACD is displaying the possibility of a trend reversal as the levels are closer to achieving a bullish crossover. However, until the levels rise within the bullish range, the XRP price may remain consolidated within the triangle.&nbsp;
Besides, the longer perspective flashes huge alarms as the price is testing one of the key support levels. The 200-day MA in the short term is acting as a key support level but in the longer time frame, it has been a strong support. After defending the support for a few days, the bulls appear to have fallen weak and as a result, there are higher chances of a breakdown in the lower support.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/HX264tMe9HqtILOuo4Wfr_Bd_B8Q8hcWxKxIEwD2_9_Esn9UJGKgtCu_3Hmv58DKabx746AL4EJutdohrv0yOx-_CEgOYh_GYwITlkMLvIgxZwsiC9CHwE3m4HKubZQX_SenjJXo5IW7wFvj2l9JfGk" alt="">
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In the long term, the XRP price is testing the 200-day MA levels and here is why the trade appears to be bearish. The DMI is closer to flashing a bearish signal as the ADX is ranging within the lower range and both the +Di &amp; -Di are approaching a bearish crossover. Therefore, a breakdown to $0.522 appears to be imminent and if the bulls fail to defend the support, a major correction may knock-in, which may drag the levels down, probably below $0.5.
&nbsp;However, the broader market conditions do not appear to favour such a bearish event and hence a minor correction may attract huge liquidity, which may uplift the XRP price above bearish captivity.&nbsp;

Bearish Flag Fluttering Over XRP Price: It May Reach $0.5 if This Trade Plays Out Well

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