XRP Forms Gravestone Doji, Raising Bearish Concerns

XRP has printed a gravestone doji candlestick on the daily chart, raising concerns about a potential bearish trend. Despite a 1% increase today, the formation of this candlestick suggests that bears may be gaining control. XRP opened at $1.50, peaked at $1.66, and then fell to close at $1.47, indicating strong rejection at higher prices.

Analyst Ali Martinez highlighted the significance of this pattern, noting that a similar formation on the weekly chart in January led to a 46% decline. The gravestone doji typically signals bullish exhaustion, and unless bulls can counteract this with a strong bullish candle, XRP may face further declines. Market technician EGRAG Crypto also acknowledged the bearish implications of this pattern, adding to the skepticism surrounding XRP’s price direction.