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Ripple’s XRP Faces Steep But Healthy Consolidation

zycrypto

8mon ago

It’s not a surprise to see XRP pulling back after such a huge bullish move to the upside. This consolidation might look bad but it’s actually still quite healthy as the price hasn’t even touched the EMA’s yet.

Investors need to keep in mind that everything above $0.257 is a higher low, so even if XRP was to face further consolidation, the bulls would still be in a good place and the uptrend would stay intact.

The volume of the last two days has been significantly lower, this also indicates a lack of strength for the bears.

The biggest opportunity right now for traders is in the 4-hour chart. A clear Equilibrium pattern has been formed with a recent high of $0.2984 and a low of $0.287.

We don’t necessarily know in which direction the pattern will break but we do know an explosive move will happen when one of the 2 levels breaks.

As it stands, the weekly chart has formed a candlestick with a long upper wick, rejected from both the 26-period EMA and the 12-period EMA. This could certainly be concerning for the bulls.

The monthly chart is by far the worst as the bulls are not even close to changing the trend. Breaking above the high of $0.51 in one move is definitely out of the equation but even setting a higher low seems complicated.

The short term for XRP is currently bullish. Most of the technical indicators are signaling to buy in the short term and to hold or sell in the longer term.

Disclaimer: Every Crypto Trading and Investment Activities Involve Risk. This Article Is Provided For Informational Purposes Only And Shouldn’t Be Taken As Finance Advice.

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