- Descending Channel and Bearish Signals
- Key Support Levels and Potential Targets
- Extended Bearish Scenario
Crypto trader Alan Santana has shared a bearish outlook for XRP on TradingView. His analysis suggests a continued downtrend for the popular crypto.
Descending Channel and Bearish Signals
Santana’s analysis reveals a descending channel formation for XRP. This pattern indicates a series of lower highs and lower lows. Three consecutive bearish closes have strengthened the downward momentum. A notable bearish signal emerged in the latest trading session: the day started green but reversed course and closed red, confirming bearish sentiment.
Key Support Levels and Potential Targets
Santana’s chart identifies several critical Fibonacci retracement levels serving as potential support areas for XRP. The 0.382 level at $0.5529 is currently acting as immediate support. Should this level fail to hold, the 0.618 level at $0.4871 becomes a crucial support within the descending channel. In a more bearish scenario, the 0.786 level at $0.4403 could provide stronger support. The analyst predicts a possible move towards the lower trendline of the channel around $0.3823, aligning with historical support.
Extended Bearish Scenario
Santana’s analysis doesn’t rule out an extended bearish scenario. In this case, the first support would be the 1.236 Fibonacci extension level at $0.3149. If bearish pressure intensifies further, the 1.382 extension at $0.2743 could be tested, and in an extreme case, the 1.618 extension level at $0.2085 may come into play, indicating a potential 65.44% drop. Santana acknowledges the influence of overall market conditions on XRP’s price action but remains optimistic about long-term prospects.
Alan Santana warns of a possible further decline in XRP amid bearish trends. Key Fibonacci levels and a descending channel suggest significant price drops. However, the analyst hopes for renewed growth after the current bearish phase ends.
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