Advertisement
AD

Main navigation

XRP Made Strong Comeback: Details

Advertisement
Thu, 16/05/2024 - 8:46
XRP Made Strong Comeback: Details
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

XRP has recently shown a strong comeback, bouncing back into the descending triangle formation that had previously been invalidated. This technical formation often signals potential bearish trends, but the fact that XRP has reentered this pattern suggests an upcoming attempt by XRP bulls to redefine the asset's current trajectory.

Advertisement

XRP experienced a surge in buying power for the first time in weeks. This rise pushed its price toward a cluster of significant moving averages, including the 50, 100 and 200 EMAs. These moving averages serve as critical resistance levels, and breaking through them could indicate a shift toward a more bullish trend.

 XRPUSDT
XRP/USDT Chart by TradingView

However, despite this recent bullish momentum surge, XRP remains in a downtrend. The price action continues to struggle below the descending triangle's resistance line, indicating persistent bearish pressure. The moving averages are all trending downward, suggesting that any bullish attempts are still fighting against the bearish sentiment of the majority of investors.

Related

One crucial factor to consider is the volume. Although XRP saw a surge in buying power, the overall volume remains  descending and is currently around low values. For a full-blown reversal to happen, we need significant and sustained buying power. Without this, any upward movement might be short-lived and lead to reversals.

XRP's price action does show promise, but the market needs more to overcome the descending triangle's resistance and the cluster of moving averages appearing from $0.54 to $0.56. Volume trends and the behavior of the 50, 100 and 200 EMAs are keys for the upcoming price movement of XRP.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD