Technical Analysis: More Consolidation Around the Corner for XRP (XRP)

Cryptocurrency price chart for Ripple (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.

XRP/USD daily (TradingView)

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.

More: XRP (XRP) Technical Analysis Chart
Similar: Ethereum (ETH) Could See a Steeper Pullback

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.

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