XRP has been trading sideways alongside the rest of the market for the past 2 weeks now. It is currently trading at $0.225 and the bulls are trying to break above $0.232 as this would confirm a daily uptrend.
We can see a few indicators showing the incoming big move. The trading volume has been slowly decreasing and it’s extremely low right now, this is always the case before a volatile move. Additionally, resistance and support levels are really close to the current price.
Where is XRP Headed To?
Although there are strong signals for an upcoming big move, we don’t really know the direction of such a move. Both sides have their own contentions although it seems that the sentiment is generally positive.
Chart movements seem to show some bullish signs for XRP as the digital asset has been trading positively for the last 3 days. XRP is quite close to breaking above the recent high and resistance but could also just set a lower high.
According to Ali Martinez, an Adam and Eve double bottom pattern is forming on the daily chart for XRP. This is a highly bullish pattern and indicates a bullish reversal is near, however, again XRP has to break above the recent high of $0.232.
Possible Bearish Scenario
XRP could simply set a lower high and then continue trading sideways for many more weeks. This isn’t necessarily bearish as it would be trading sideways, however, the bulls don’t want to see more of it.
Another possibility is a break below the recent support level at $0.20. This could easily happen if the whole crypto market crashes again. A break below this support level would be quite catastrophic for XRP.
Fundamentally, XRP is doing a lot of things right. Although Ripple claims that they are not entirely related to XRP, their recent partnerships will help the digital asset in the long run. It seems that XRP’s adoption is booming recently with more and more services accepting it as a payment or integrating it into their systems.
Do you think XRP has enough strength to break above the resistance level?