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XRP’s Flag Pattern: What to Expect?
The recent price action of Ripple (XRP) has drawn attention due to its formation of a flag pattern. This technical analysis concept suggests that XRP may be preparing for another significant move in either direction.
In the meantime, Dogecoin (DOGE) has reached equilibrium, which could mean we will see some consolidation before deciding on the next course of action. The overall crypto market is still waiting to see whether Bitcoin (BTC) can break above its critical $100,000 threshold or test lower levels such as the 200 EMA around $75,000.
The current situation with XRP’s flag pattern does not necessarily mean that its upward trend will come to an end. A recovery from this point might boost self-esteem and even spark a new rally. To make sure the market keeps moving higher, bulls will be looking for a robust recovery above the psychological $100,000 threshold. Conversely, if Bitcoin continues to decline below the 50 EMA, it may test lower levels like the 200 EMA around $75,000.
When compared to more conventional assets, a 60% gain is still impressive, even though it may seem small for Bitcoin.
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Source: u.today
