• It has declined 2.27% in 24 hours and 27.02% in 7 days.
• On the weekly chart of XRP/USDT, a bearish triangle with descending sides has been formed.
• TA shows that bears have enough momentum in order to drive the price of XRP above the closest support level.

According to CoinMarketCap.XRP fell 2.27% during the last hour and 27.02% over the last seven days.

Ranked number 6 on CoinMarketCap’s list of biggest crypto projects by market cap, the price of XRP currently stands at $0.4184 – taking the project’s total market cap to around $20.32 billion.

The trading volume of XRP is also down by two digits. At the time of writing it is around $1,775,994,485 which is 21.8% more than yesterday.

Triangle descendant on XRP Weekly Chart (Source: TradingView

Looking at the weekly chart for XRP/USDT, a bearish descending triangle chart pattern has formed as XRP’s price approaches the weekly support level of $0.42. Bears have taken control of the last weeks as buy volume has outpaced sell volume.

Relative Strength Index, (RSI), on the XRP/USDT Weekly Chart also indicates that XRP has been heavily oversold. The technical analysis of XRP and other indicators suggests that the price is not yet falling.

Despite all the positive developments from the lengthy lawsuit between XRP & SEC, the bearish sentiment still surrounds the project. The 20 EMA has crossed below 50 EMA over the past few weeks as a continuation of the bear trend.

These two crucial EMAs are also starting to break away from each other – a sign that the bearish trend may intensify.

Continue reading on CoinQuora