Reading time: ~ 2 m
Currently, the XRP / USD chart is following an upward trend, as, indeed, the entire cryptocurrency market.
Last week, the price dropped to $ 0.76, a 43% drop from the previous high of $ 1.3. However, we now see a cup and handle pattern on the chart that could trigger a bullish XRP reversal.
Key technical points:
- XRP coin price crosses the 20-day EMA.
- The daily RSI is showing an impressive price retracement.
- XRP’s 24-hour trading volume is $ 3.59 billion, which translates into a 5.96% loss.
Currently, XRP price is maintaining a bearish trend in line with the EMA levels (50, 100 and 200), however, the current bullish pullback has already brought back the 20 EMA line.
The daily Relative Strength Index (51) is showing an impressive recovery in value, indicating that buyers are returning their money to the market.
On the 4-hour XRP / USD chart, a bowl and handle pattern is forming. The cutout of the pattern is at $ 0.91, and the price of the coin has already overcome the resistance and is trading at $ 0.95.
Moreover, the 4-hour 200-EMA coincides with the neckline, providing additional headroom for a bullish breakout.
The MACD indicator shows that the fast line (blue) and the slow line (orange) are moving towards a strong bullish zone.
#XRP #Technical #Analysis #Rapid #Growth
