Joining the latest dip in altcoins price, XRP lost momentum and looked weak on the day. It is now footing a new bearish move following a slight shift. A broad correction is imminent if the bulls fail to counter the move. For the first time in three months, XRP forms a bearish pattern and looks poised for a massive drop after several failed attempts to sustain bullishly above its previous high of $3.4. This bearish signal came after recovering from the early month crash. Unfortunately, the recovery was short-lived due as it faced a rejection at $0.284. Marking resistance at this mentioned price level last weekend, it initiated drops and started to decline daily. Currently, the price is targeting the $2.3 level that supported the market during the last recovery phase. A drop below this level should activate bigger sell-offs until it finds a solid ground. Resuming bullish, XRP must climb back above the previous high, where the market initiated drops last week. A notable increase above this high should set the market up for an upward movement. But as it stands, the bears are taking charge. Having posted a substantial loss so far, things will likely get worse for the third largest asset by market cap following the newly formed bearish pattern on the daily chart. XRP’s Key Level To Watch Source: Tradingview XRP is now facing the $0.22 support. A plunge through this support may bring us to $1.77. The $1.53 level is the next support to watch in case of a breakdown. The rejected $2.84 high is now holding as resistance. An increase above it should allow a recovery to the top level of $3.4. A cross over this top level could trigger a new bullish rally to $4 in no time. Key Resistance Levels: $2.84, $3.4, $4 Key Support Levels: $2.2 $1.77, $1.53 Spot Price: $2.53 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ayupradhita / 123RF // Image Effects by Colorcinch