XRP could finally be forming a pattern that will hint at the end of the prolonged downtrend we have been witnessing since March. However, it is just a sign that selling pressure is easing, but does not necessarily indicate a prolonged reversal.
XRP could finally be forming a pattern that will hint at the end of the prolonged downtrend we have been witnessing since March. However, it is just a sign that selling pressure is easing, but does not necessarily indicate a prolonged reversal.
A potential cup bottom pattern can be seen on the XRP price chart, which is usually a bullish indication that an asset may be preparing for an upward move. The rounded bottom of the pattern means that buyers are starting to take the initiative and selling pressure is beginning to ease.
Based on the way the price is moving right now, XRP seems to be stabilizing at $0.47, which may provide support for further upside. Technical indicators lend credence to the possibility of a reversal. As XRP is testing its 50-day EMA at the moment, a successful break above it could open the door for a move towards the next resistance level, which is the 100-day EMA, located around $0.50.
Gamza KhanzadaevIf XRP can maintain its bullish momentum, the longer-term target is the 200-day EMA, which currently sits at $0.53. XRP is in the neutral zone and has room to rise before reaching overbought conditions, according to the RSI, which is 42. This shows that without much selling pressure, buyers can still push the price higher.
Volume analysis indicates a decline in selling activity, which is good news for XRP. On bearish days, volume drops suggest that the bears are weakening and the bulls may be on the verge of taking control. However, XRP must see an increase in buying volume to confirm a breakout and establish a long-term uptrend.
