XRP price prediction: Will the ongoing correction reach $0.4 amid uncertain market movements?

On August 17 last week, XRP price lit a big red candle on the daily timeframe chart, hitting a big and low of $0.5948 and $0.4226, respectively. Although this drop triggered a notable negative sentiment among traders, the price action immediately went sideways.
So uncertainty can be attributed to the volatile price behavior of the largest cryptocurrency, XRP price has turned into a bearish pennant formation.
Highlights on XRP daily chart
The interval between the triangular structure can be marked as the no-operation zone.
A bearish divergence between the 20-100-day EMA could accelerate supply pressure among market participants.
The intraday trading volume in XRP is 823.5 million, indicating a loss of 12.75 percent.
XRP price has been sideways for more than a week in response to volatile market sentiment. Looking at the four-hour time frame chart, it appears that price action is trapped in a narrow range within two converging trend lines, forming a triangular shape.
After a big drop, this triangle setup indicates the formation of a bearish pennant pattern. According to press time, the XRP coin was trading at $0.523, down 0.51 percent on the day.
Given the higher probability, crypto sellers are likely to break the lower support of the pattern and accelerate the bearish momentum in price. The post-break drop could revisit the $0.422 low, dropping the altcoin's market cap by 18.8 percent.
Can an XRP buyer make a comeback?
While general market sentiment and price behavior support sellers, buyers can seize the opportunity to counterattack if they break the upper trendline of the pattern. A bullish breakout from the upper trendline will intensify the bullish momentum and prepare a significant rise in XRP price. However, a close above the August 17 high of $0.5948 is needed for better confirmation of the expected recovery.
Exponential moving average: 20-day EMA slope may offer dynamic resistance to bullish bounce
Average Directional Index: The daily ADX slope climbs to 31 percent, suggesting that sellers may face further declines.
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