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XRP Price Marks Six Consecutive Loss Day: Here’s What Happened Last Time

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On Wednesday, the XRP price marked its sixth consecutive loss day after closing in the red below $0.48. Like any digital asset, this continuous close in a loss has significant implications that could be reflected in the asset’s price in the short term.

XRP Price Sees Six Consecutive Red Closes

The XRP price began a losing streak on Friday last week that has carried on into its sixth consecutive day. Every day this week has marked a red close, registering a trend that rarely happens in the price of the digital asset asset.

So far this year, there has been only one other instance of this happening and that was at the beginning of August, shortly after Ripple’s first victory over the United States Securities and Exchange Commission (SEC).

In this instance, the six consecutive red daily candles preceded a massive drop in price. The XRP price would initially see some strength in the weeks following this but it would prove to be a ‘fakeout’ as the price dropped from $0.63 to $0.43 toward the end of the month. This translated to a 30% drop in the price.

Going further back to May 2022, this formation has had the same impact on the XRP price. In this instance, the price went on to complete seven consecutive daily red closes but the eventual outcome remained the same. In the following weeks, the XRP price fell over 50%, going from $0.64 to a low of $0.33 before seeing a recovery back above $0.4.

6 consecutive daily red candles appeared twice in 2022 | Source: XRPUSD On Tradingview.com

Will The Decline Continue?

Given the last two times that this trend has appeared, it has been incredibly bullish, ending in a double-digit drop in price. However, an earlier appearance in early 2022 suggests that this is not always true for the XRP price.

In January 2022, XRP recorded six consecutive daily red candles. However, it went the other way compared to

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Author: Best Owie

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