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๐ŸŽ“ XRP is facing its first bearish week in 2022… and here’s why

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The entire cryptocurrency market is witnessing a foggy environment and it is feared that the price of the digital currency XRP will lose more than 20% in the coming days.

XRP price in a descending triangle

The first reason for the bearish prediction is that Ripple price is inside a large descending triangle as the price is consolidating inside the descending triangle pattern since it broke through the higher levels in 2021.

Making steady lower highs along the upper trend line, the coin found strong support at the $0.55 level.

Wave

This XRP price closed weekly trading on a bullish note but the bearish hammer formation raised a lot of concerns but the current weekly chart started with a bullish hammer calming it down for the time being but other metrics point to a notable pullback as volume purchase is still below average.

Wavy price linked to social domain

The price of XRP has shown an association with non-permissive social interest, and with the increase in social media searches and media trends for XRP, the price reaction has been positive.

Currently, according to data from Santiment, the volume of searches has been greatly reduced, so a significant reduction is expected very soon.

Therefore, these are the possible reasons that indicate a significant drop in the price of Ripple during the next few days, however, the progress in the lawsuit filed against Ripple by the US Securities and Exchange Commission ( SEC) may provide temporary relief, but the fear of a further drop in the price of XRP. About 20% still prevail.



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