What to Know:
- XRP has slightly surpassed its 200-day moving average, signaling potential bullish momentum.
- A supply zone at $2.7 poses a significant obstacle to further upward movement.
- Accumulation patterns suggest improving sentiment, but stability above $2.6 is crucial.
XRP is showing signs of life as it edges past its 200-day moving average, hinting at a possible bullish phase. However, the presence of a supply zone directly overhead suggests that the journey may not be straightforward. Investors should watch closely to see if XRP can sustain its position and overcome the resistance.
The daily chart reveals that XRP has garnered buying interest from the lower boundary of its ascending wedge, initiating a recovery. Surpassing the 200-day MA at $2.6 is a noteworthy technical achievement, indicating a potential shift in market sentiment if sustained. The behavior of XRP around this level will be crucial in determining the next directional trend.
On the 4-hour chart, an accumulation pattern is evident around the $2.2 support, triggering a bullish reversal. The recent breakout from an inverted head-and-shoulders pattern underscores improving market sentiment, pushing the price toward the $2.6 resistance. Continued bullish momentum could target $2.8 and beyond.
The current technical indicators suggest that XRP is at a pivotal juncture. While the breakout above the 200-day MA and the accumulation patterns are encouraging, the $2.7 supply zone represents a formidable challenge. Investors should closely monitor XRP’s ability to consolidate gains and overcome resistance for confirmation of sustained upward momentum.
Source: Original article
