The cryptocurrency market is experiencing a dip in prices as Ethereum and other altcoins depreciate. In contrast, XRP remains stable and may be poised for growth.
Market Correction in Cryptocurrencies
Ethereum recently dropped from $4,780 to $4,400, marking a 5% decline over the last 24 hours. This pullback has put pressure on most altcoins.
XRP's Harmonic Pattern
On the 4-hour chart, XRP is forming a 'Bearish Butterfly' harmonic pattern, which, despite its name, may indicate bullish continuations. The structure began at point X around $3.66 and shows a sequential rise in price.
Outlook for XRP
If buyers can push through the 200-day moving average at $3.16, there is potential for a rise toward the Potential Reversal Zone, which spans from $3.92 to $4.26, where price may exhaust before consolidating or reversing.
Despite the overall market decline, XRP remains resilient and has the potential for further growth if key resistance levels are surpassed.
