Over the past two days, the crypto market hasnt fared too well. After peaking last week, the prices of digital assets across the board have tanked. XRP, the third-largest cryptocurrency by market capitalization, tanked from the multi-month high just a smidgen above $0.34 to as low as $0.265 a hurting loss of over 25%.<\/p>\n
Despite this brutal crash, which made the biases of many traders flip negative after a short period of bullish optimism, a strong technical signal just formed that may support buyers moving forward.<\/p>\n
While cryptocurrencies seemingly move without rhyme or reason, the movements of these assets (and assets in other classes) can be chalked down to price points here and there; a close above a certain price point can imply bulls are in control, and a close under a certain level may suggest bears are ready to graze, so to speak.<\/p>\n
Trader Mexbt recently shared the chart below, which shows XRPs one-day chart with data stretching back to last November. The main point of the chart is that XRP has recently flipped $0.25-$0.26 a crucial monthly resistance into support, boding well for the bullish narrative of the asset.<\/p>\n
Indeed, this level could act as a base for the cryptocurrency to rocket higher.<\/p>\n<\/p>\n
The turning of the monthly resistance into support isnt the only thing that has analysts, well, over the moon about XRPs prospects in the coming weeks and months.<\/p>\n
Financial Survivalism, the pseudonymous trader that called Bitcoins January price action to a tee some weeks in advance, argued in a recent tweet that XRP may be on track to hit $0.70 this year.<\/p>\n
The analyst backed this lofty forecast by looking to a few factors on the long-term chart of the cryptocurrency: the Heiken Ashi candles have turned green on a weekly basis, implying reversal, the cryptocurrency has turned a key horizontal into support, and it has broken above a falling wedge pattern, adding to the bull case.<\/p>\n
While there are these technical factors, everyone and their mother isnt bullish on the cryptocurrency. On the contrary.<\/p>\n
Per previous reports from Ethereum World News, veteran commodities analyst Peter Brandt warned his followers that XRP is in the form of printing a textbook a head and shoulders top, marked by two shoulder-like segments of price action and a blow-off top in the middle.<\/p>\n
Brandt remarked that should this textbook pattern play out, the cryptocurrency could fall to $0.2071 around 23% lower than the current market price around $0.27 for that is where the measured move for this pattern lies.<\/p>\n
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See the article here: <\/p>\n
XRP Just Flipped a Key Resistance Into Support: Why This is Bullish - Ethereum World News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Over the past two days, the crypto market hasnt fared too well. Continue reading