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XRP Rally Pauses — Is Bitcoin Breakout Next?
Ripple’s XRP has been on a tear lately, with the cryptocurrency rallying in recent weeks. However, it appears that the rally has paused, leaving investors wondering what might happen next.
At the time of writing, XRP was down 0.73% in the last 24 hours to $2.29. This sudden drop has raised concerns about a potential reversal or at least a temporary pause in the uptrend.
A closer examination of the chart reveals that XRP has formed a symmetrical triangle pattern. If the price rises and breaks above this triangle, it could be a sign that the market is preparing for another leg up. On the other hand, a break below the triangle may indicate that XRP has reached its short-term peak.
The recent price action has also led to the creation of a death cross on the hourly chart, which often signals a bearish reversal. However, if the death cross is ignored and the price holds above $2.27, it could be an indication of a strong bullish momentum.
It’s important to note that the 50-day SMA at $1.73 may act as support in case the price falls below the triangle pattern. This level has been significant in the past, so it might be able to stem some losses if tested again.
In terms of what this means for the broader market, there is no clear indication yet. However, a potential breakout above the current levels could have implications for Bitcoin’s own trajectory.
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Source: u.today
