Although the cryptocurrency market was a bullish one last week, XRP still saw a dip which took it back to the third position on the list of the largest cryptocurrency by market cap. XRP was at the second position, but due to the coin trailing, Ethereum who had trailed to the third position retook its place as the second on the list of the largest cryptocurrency and watching how Ethereum price is soaring high, it may keep the position for a long while.
Technical trends are not developing so well nowadays for XRP. It has been recently noticed that XRP has kept consolidating for some weeks now. However, XRP’s price has been forming lower highs since December 2018 influencing a descending trend.
Furthermore, the technical trend shows that there is a descending trend line being fundamentally steeper and as such we view this trend progressively like a declining triangle trend which is a bearish trend continuation trend. Going forward, this trend steers up the probability that the bearish movements for XRP could be on for a long time. If the bearish trend continues, the price could go a weekly level at below $0.29. But, if the price can find a way of overcoming the descending trend then, the key resistance to watch is $0.34.
In the same way, one cryptocurrency which has likewise been developing a bearish price trend though bull force increases in the market is Tron. Outperforming in recent weeks, Tron has however failed to remain over the resistance level at $0.025. After Tron made many tries to rise above $0.025 and still falling flat, the price has since started trading downwards.
According to reports, the next key support level to view is $0.0233 which merely is under where the price is presently trading. Explicitly, like XRP, Tron has also been forming a bearish trend continuation pattern.