Ripple (XRP) Price Prediction: XRP Forms Bearish Pattern That Could See Its Value Crash by 57%

Ripple introduced a new update to the XRP Ledger, focusing on programmability to attract developers and businesses. Although XRP coin prices moved slightly later in the day, it seems the market is yet to factor in the latest Ripple news.

NOIDA (CoinChapter.com) — Ripple recently rolled out a new update to the XRP Ledger, focusing on enhancing its programmability to integrate more developers and businesses into its network.

The latest update from Ripple has introduced smart contract functionality on the XRP Ledger (XRPL) and the upcoming Ethereum Virtual Machine (EVM) sidechain. This move aims to expand developers’ network flexibility.

However, the broader market hesitates as Ripple faces challenges in navigating evolving liquidity dynamics.

Ripple CTO Addresses Community Concerns Over Ethereum Integration

In other news, XRP community members expressed concerns regarding Ripple’s decision to support Ethereum, prompting CTO David Schwartz to address the matter.

Schwartz’s recent tweets aimed to reassure the community, stating that Ripple is committed to the XRP Ledger. He highlighted that the broader Ethereum integration is limited to facilitating RLUSD transactions.

Schwartz added that the company is not pivoting away from XRPL and that any strategic shifts would be put to a vote by validators.

Despite Schwartz’s attempts to quell rising concerns, some members of the XRP community remain skeptical.

For instance, Wietse Wind commented on Ripple’s decision to integrate Ethereum and the lack of Hooks, a protocol for smart contracts developed by XRPL Labs.

Wind expressed disappointment in Ripple’s decision not to prioritize Hooks, especially after XRPL Labs recently promoted the protocol.

Moreover, he called for a more collaborative approach in developing XRPL, a point of contention that could impact the XRP token price.

Bearish Setup Bodes Poorly For XRP Coin

The XRP/USD pair has formed a bearish technical setup known as the ‘descending triangle,’ which could spell trouble for the token.

Analysts identify the descending triangle as a classic bearish continuation pattern. The pattern is characterized by a descending upper trendline, which compresses price action into progressively lower highs, and a flat lower trendline, which provides support.

The pattern typically forms during a downtrend and indicates increasing selling pressure, with each rally becoming weaker and struggling to overcome resistance.

Traders can gauge the potential downside by measuring the maximum height of the triangle. In this case, the XRP/USD pair could decline sharply by over 57%, targeting levels around $0.24.

The XRP/USD pair is currently attempting to break above the resistance of this descending triangle, but the trendline has so far repelled the token’s advances.

If XRP fails to clear this bearish setup, the pair could see a significant decline, aiming for the levels mentioned above.

On the other hand, if XRP manages to rally, traders might try to consolidate above the support of the pattern. However, the broader market sentiment suggests an uphill battle unless XRP bulls capitalize on all the bullish cues that Ripple is trying to stack up.

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