XRP breaks out of key support line, preparing for further decline

Ripple’s XRP has broken out of a crucial technical support line, signalling a bearish turn, according to an analysis.
On the 1st (local time), CryptoPotato reported that XRP was strongly hampered by the upper resistance line of a descending wedge.
The report said that the price had been pushed below the 100-day and 200-day moving averages, creating a technically significant downward breakout. This further increases the possibility of a prolonged correction.
XRP attempted to break out of the long-running consolidation zone but faced strong selling pressure and failed to rise. The price is trading at around $2.5, the upper boundary of the descending wedge.
After hitting resistance, it fell sharply and fell below the 100-day and 200-day moving averages (around $2.2), which had previously acted as dynamic support.
This downward trend is called the "Death Cross."
This is exacerbated by the emergence of the "Cross" (a cross between the 100-day moving average and the 200-day moving average).
This phenomenon of the price breaking below the equilibrium line is interpreted as a signal that the downward trend may continue in the medium to long term. The current momentum is definitely tilted downward, and the next major support line is the central
The logical price range is $2 and the lower boundary of the wedge is around $1.50, which is likely to be a key battleground to see if buyers can arrest the downward trend.
On the 4-hour chart, XRP is moving within a short-term ascending wedge pattern, which usually signals a downside reversal. The price has recently been trending down near the $2.3 mark.
A downward breakout of the line has resulted in a full departure from the pattern, further strengthening the downside signal.
Currently, XRP is testing a key support line near the $2.1 mark.
If the level breaks, the decline may accelerate and may drop to the next support at $1.5. Conversely, if the bulls are successful in defending $2.1, the price may remain stable between $2 and $2.3.
A temporary plateau is possible, but the overall market trend remains bearish unless a strong rebound signal emerges.
Meanwhile, as of 3:30 p.m. on the 2nd, XRP was down 0.06% from 24 hours ago and 7.64% from 7 days ago on the cryptocurrency market price site CoinMarketCap.
It fell 10.5% to $2.16.