Crypto Currency Tracker logo Crypto Currency Tracker logo
Cryptoknowmics 2022-10-06 10:55:10

XRP Technical Analysis: Double Bottom Teases $0.50 Breakout

The XRP Technical Analysis shows a double-bottom forming within the consolidation range, teasing a breakout above the $0.51 resistance level. The XRP price action displays a consolidation range between the $0.42 support level and the overhead resistance of the $0.50 psychological mark. However, the growing bullish influence over the sideways trend projects a double-bottom pattern forming at the $0.42 support level, with the neckline at the $0.51 mark. So, should you consider taking a bullish entry or wait till the uptrend sabotages the higher price rejection candles? Key Points: The Ripple price action shows an uptrend growing but with higher price rejection candles. The bullish breakout of $0.51 will extend the recovery rally. The intraday trading volume in Ripple is $2.60 billion. Source – TradingView XRP Technical Analysis As we mentioned in our previous analysis, the XRP price rains down to the bottom support level of $0.42 with a 10% drop within 72 hours. But with the lower price rejection, the trend manages to recover, resulting in a double bottom pattern with the neckline at the $0.51 mark. Currently, the price action displays a 10.42% jump in the last four days leading to a streak of four bullish candles. However, the higher price rejection in these bullish candles reflects a strong selling opposition. The daily candle shows a growth of 1.30%, but the long-wick formation projects a higher price rejection. If the uptren...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.