Ripple holds $2.249 support— XRP can push to $4 IF…
The post Ripple holds $2.249 support— XRP can push to $4 IF… appeared on BitcoinEthereumNews.com.
XRP was trading above a key support zone within a defined consolidation channel, signaling the potential for an upward move. Technical indicators suggested that XRP’s next rally might not begin immediately, as the asset continues to stabilize. After a remarkable 334.27% surge last month, Ripple[XRP] has paused to consolidate within a set range. This phase has resulted in a minor decline of 0.76%, which analysts consider a healthy correction. Despite the current slowdown, AMBCrypto reports a strong likelihood of XRP breaking out to higher levels soon. XRP push for a 66% gain—Here’s what to watch After XRP’s recent surge, the asset is taking a breather as it builds momentum for what could be its next bullish move. Currently, XRP is trading within a symmetrical triangle, a consolidation pattern formed by converging support and resistance levels. The rally remains intact, with strong support at 2.2499 preventing any significant pullback. This level has helped stabilize the asset during its consolidation phase. Source: TradingView If the coin breaks out of this pattern, analysts predict an additional 66.83% gain, pushing the price to $4.0706. At this point, buying pressure is expected to ease. Is an XRP rally on the horizon? Technical indicators suggest that XRP’s anticipated breakout may not materialize in the short term. The Chaikin Money Flow (CMF), which gauges market sentiment by measuring liquidity inflows and outflows, was negative. With a reading of -0.04, it indicates insufficient buying interest to sustain upward momentum. Similarly, the Bull Bear Power indicator, which helps determine whether bulls or bears dominate the market, remained negative at -0.0462. This is reflected in a series of red bars, signaling bearish control. Source: Trading View These readings suggest that the coin lacks the momentum for an upward move and may face further declines as bears maintain their grip on…
Filed under: News - @ December 7, 2024 12:29 am