XRP price rejected from critical level! Here are the possible price movements

XRP recently faced an inverted double top pattern at $0.71. This pattern is often seen as a bullish reversal and was thought to push the price of XRP into a stronger position. However, this expected pattern did not materialize and the price of XRP dropped below $0.7.
This failure points to a potential bearish path for XRP. The current price trend suggests that the digital asset may experience further declines if it does not find reliable support in the near future. At this point, a critical support level such as the 21-day exponential moving average (EMA) becomes important. If the price can hold at this level, it could prevent further declines.
However, the declining trading volume accompanying the price drop is raising concerns. Low trading volume usually indicates low buyer interest, which could push the price down further. Therefore, while it is difficult to predict the downside price action with certainty, it cannot be considered a sign of a potential rebound.
Possible bearish scenario of XRP
The reasons why XRP's critical pattern failed could be the broader market sentiment and the current uncertainties surrounding the asset. Despite gaining a foothold in the lawsuit against the SEC, many attorneys point out that the company will likely appeal, and that may not be positive for the asset.
Also, during times of volatility in the overall crypto market, investors may be turning to less risky assets, reducing demand for risky assets like XRP. This trend could also apply to Ethereum and other similar assets.
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