The post XRP Price Rebound Faces Potential 40-50% Correction Amid Bearish Patterns and Profit-Taking appeared on BitcoinEthereumNews.com.

The XRP price rebound is facing potential reversal risks as bearish patterns and profit-taking pressure suggest a significant decline ahead. Recently surging nearly 30% from a low of $1.61, XRP is encountering resistance that could lead to a correction between 40% to 50% based on technical analysis. Renowned trader Peter Brandt has indicated that XRP’s market cap might see a drastic reduction of 50% in the coming weeks, as bearish trends consolidate. XRP’s recent price surge encounters bearish signals that may result in a significant correction of up to 50%, according to key technical indicators. XRP’s Cup-and-Handle Pattern Indicates a Potential 40% Drop The inverse-cup-and-handle (IC&H) pattern forming in XRP suggests a looming price drop of at least 40% in the upcoming weeks. This classic bearish reversal pattern manifests when a cryptocurrency undergoes a rounded downward trajectory, followed by a temporary consolidation phase, ultimately positioned above a critical support level. A confirmed breakdown phase occurs when XRP decisively closes below the defined support threshold, potentially leading to a price decline equivalent to the maximum height of the pattern. As of April 19, XRP is in the handle formation phase, with close attention on the neckline support situated at approximately $2. Should it break below this level, analysts estimate a primary target around $1.24, representing a drastic decline nearly 40% from current values. This inverted cup-and-handle target complements XRP’s 200-3D exponential moving average (200-3D EMA), projected at around $1.28, aligning with forecasts for a market top in November 2024. In the context of market sentiment, veteran trader Peter Brandt has aptly indicated that XRP’s valuation might undergo a significant contraction, with market cap projections hinting at a 50% drop in the near term. On-Chain Fractal Signals a Possible 50% Correction for XRP The ongoing formation of XRP’s inverse cup-and-handle pattern aligns…

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Filed under: News - @ April 19, 2025 2:25 pm