Ripple's XRP Cools Off With The Rest Of The Market After Bitcoin Reaches New Highs

Ripple's XRP Cools Off With The Rest Of The Market After Bitcoin Reaches New Highs

Ripple's XRP XRP/USD is trading lower Thursday in a cryptocurrency market that is cooling off. Many cryptocurrencies are trading lower after Bitcoin BTC/USD saw all-time highs Wednesday. XRP is trading in a technical pattern and could see a breakout in time.

Ripple was down 3.64% at $1.10 at last check Thursday. afternoon.

XRP Daily Chart Analysis

  • XRP is holding above support in what technical traders call a pennant pattern. The pattern is now weeks or less from seeing a breakout.
  • The crypto has seen narrowing highs and lows that form into the pennant. A break above the pattern support or resistance could cause the stock to see a breakout from the pennant.
  • The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the crypto is likely facing a period of bullish sentiment.
  • Each of these moving averages may hold as a potential area of support in the future.
  • The Relative Strength Index (RSI) has been trading sideways above the middle line and sits at 51. This is showing that there is a relatively equal amount of buying and selling pressure in the market.

What’s Next For XRP?

Bulls are looking to see Ripple continue to consolidate for a time and eventually go on to break above the pattern resistance. Bulls are then hoping to see a consolidation period and a further bullish push in time.

Bears are looking to see the crypto fade lower and fall below the pattern support. This could signal that a bearish trend is coming in the future. Bears are also looking to see the crypto fall below the moving averages for a possible change in sentiment.

Image by Miloslav Hamřík from Pixabay 

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