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XRP Price Today: Breakdown Or Breakout After 10 Weeks Of Sideways Trading?
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
XRP is heading into its tenth straight week trading inside a parallel channel between $1.25 support and $1.55 resistance. Analyst ChartNerd said the token recently bounced off the lower edge of the channel and climbed toward the midline, but sellers pushed it back at the daily 20 and 50 exponential moving averages. That rejection comes soon after a death cross, where the shorter 20-day EMA dropped below the 50-day EMA, a sign that momentum has turned bearish. Early weakness points to a possible sweep of the $1.16 to $1.14 zone below current support. Bulls need to reclaim the $1.36 to $1.37 area before any retest of $1.50 becomes realistic. Until XRP breaks out of the channel, the range remains intact.
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