- XRP/USD had a notable bull breakout above $0.21 but got rejected.
- The daily uptrend formed was looking promising but the consolidation period has extended a bit too much.
XRP is still actually stronger than most of the top coins, however, it has been slowing down significantly and is losing a lot of bullish momentum. Buyers have been able to defend the daily 26-EMA several days in a row and XRP is currently above the 12-EMA too.
XRP needs to stay above $0.20
If XRP continues trading below this crucial level, bears can easily continue pushing XRP down as there aren’t many support levels nearby. The surge towards $0.21 happened fast in only three days and has formed basically no support points on the way up.
However, a more concerning indicator is the weekly chart which has been bearish for years now. The current small bounce hasn’t changed the weekly downtrend. XRP could be forming an equilibrium pattern that will most likely favor the bears as the digital asset continues trading below the 26-EMA and both EMAs are bearishly crossed. They have been like that since May 2018.
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