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XRP XRP$1.94 extended its downtrend on Friday, dropping 3% over the last 24 hours to trade at $1.93. The inability to hold above $2 now puts the altcoin’s recovery possibilities in question, with traders asking how much further it can fall.
The XRP/USD pair has formed a megaphone pattern in the weekly time frame, suggesting that a deeper correction was in store for the altcoin.
A megaphone pattern, also known as a broadening wedge, forms when the price creates a series of higher highs and lower lows. As a technical rule, a breakout below the pattern’s lower boundary may trigger a sharp drop.
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