Technical Analysis: More Consolidation Around the Corner for XRP (XRP)
XRP (XRP) made an aggressive move higher earlier this week, gaining over 25.5% in only two days on strong volume while breaking through 6 daily resistances. XRP has been in a similar situation to Bitcoin (BTC), trading in a daily Equilibrium pattern, breaking to the downside but without continuation and then forming another Equilibrium pattern.
It’s important to note that it took XRP 20 days after the fakeout to see this bullish breakout. Compared to Ethereum (ETH), XRP has had a much steeper pullback of around 8% currently, however, it’s not that surprising considering the magnitude of the surge.
XRP is currently trading above its EMAs at $0.29409 and it’s facing no resistance until $0.3319.
The consolidation could extend a bit longer but the bulls have a lot of room to work with as the EMAs are down at $0.278 and $0.273 and should act as support if the bears are able to get close.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.