Analyst Warns About Bearish Pattern On Ripple Price Chart, Sui Targets $7

The crypto market has witnessed a pullback after a recent rally sent altcoins soaring up the charts. An analyst has told investors to be cautious as a rising wedge appears on the XRP chart.

In the meantime, Sui is gaining positive traction, retesting the upper limit of its triangle pattern. The analysts believe that the altcoin may be worth up to a target of $7. 

XRP At The Brink Of Losing $3

The Ripple coin is among the top crypto coins trading in the red region. According to data from CoinMarketCap, the XRP price has dropped by 6.1% on the weekly chart. The latest fall follows a rally to $3.35 on Thursday.

The drop in price signals a dampening of investors’ sentiment, which comes amid reduced odds of a Fed rate cut in September. Selling pressure has increased among investors, causing the Ripple price to drop.

Moreover, the end of the legal battle between the US SEC and Ripple has left investors wondering why XRP is still bearish. In an earlier tweet, 

Patrick Riley, an analyst, cautioned XRP traders to be careful. He notes that while the macro view for the altcoin is extremely bullish, the micro trend is a “rising wedge,” a bearish signal. 

Additionally, he noted that the former support level has now turned into resistance. Although he stressed this is not financial advice, Riley says he will remain silent until a clear direction emerges, urging traders to be patient, as a breakout will eventually happen, but not right now.

Sui Completes Bullish Retest, Targets $7

The Sui coin could rally to a new all-time high in the coming weeks after it completes a bullish retest. According to Ali Charts, the Sui price has been trading within a triangular pattern since the start of the year.

On Thursday, the altcoin broke out of the triangular pattern, soaring as high as $4.16. Unfortunately, the rally was short-lived as selling pressure soon resurfaced, pulling the Sui price down to the upper part of the triangle. 

The Sui price has now bounced off the level and is gearing up for the next leg to $7.00, per Ali. Another analyst, Sui Intern, posted a similar forecast, saying the altcoin eyes a breakout to  $7.90–$11.70.

In the meantime, CoinMarketCap data indicates that the value of Sui has dropped by 0.4% on the 7D chart. The altcoin is also down 8.1% on the 30D timeframe, signalling high bearish pressure. 

Technically, the Sui price action remains bullish. The RSI is above 50, a sign that bulls have the upper hand. However, the ADI is neutral, meaning bullish momentum is still weak.

The Road Ahead for XRP and Sui

While the XRP price faces a possible downturn due to the rising wedge, Sui might be close to meeting a new body. Its technical setup signals a potential rally to $7, presenting a good opportunity for strategic investors. On the flip side, the value of Sui could drop if selling pressure rises.