CandleFocus XRP Price Poised for Drop Below Key Support Even as ETF Filing Progresses
2025-02-19
Author: Content Editor
The US Securities and Exchange Commission (SEC) has acknowledged Bitwise's XRP exchange-traded fund (ETF) filing, along with other XRP ETF applications, indicating some regulatory progress. However, XRP's price has continued to decrease and is approaching a key support level. XRP has been trading within a symmetrical triangle pattern since reaching an all-time high in January, but the current selling pressure suggests a potential bearish breakout if the support level fails. XRP is currently trading below its 20-day exponential moving average (EMA), confirming the bearish outlook. The Super Trend indicator also indicates a bearish trend, with a potential downside movement towards $2.24 if selling pressure continues. However, a positive shift in market sentiment could invalidate this projection and result in a rally above the upper line of the symmetrical triangle pattern.
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