XRP’s structure was almost neutral, as indicated by the Relative Strength Index value of 49. XRP bulls could be tipped to break above the symmetrical triangle if Bitcoin [BTC] secures the $23.5K zone and surges upwards.Is your portfolio green? Check out theHowever, bears could inflict a bearish breakout targeting the $0.3769 level and invalidate the above bullish inclination. However, the drop could be checked by the 100-EMA line.
So far, two false bearish breakouts have retested the 100-EMA . A similar trend could see another false breakout retest the line before dropping down to the bearish target. Therefore, investors and traders should track Bitcoin’s price action, especially on key price levels of $23.5K and $22K.As per Santiment data, XRP daily active addresses spiked recently but recorded a drop by press time. This indicates that the number of addresses exchanging XRP fell sharply, undermining the trading volumes needed to boost the buying pressure and uptrend momentum.
In addition, short-term HODLers saw profits as evidenced by the positive 30-day MVRV . Therefore, a bullish breakout could offer short-term holders extra gains. However, if BTC drops below $23.5K, a bearish breakout could be in play. Therefore, traders should be cautious and consider making long entry positions after a convincing breakout above the triangle and subsequent confirmation of the uptrend above the pattern.Subscribe to get it daily in your inbox.
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