XRP posts failed breakouts as it was caught in a strong volatility wave which mostly favored the bulls. The cryptocurrency saw a parabolic rise earlier this week and caused the price to multiply in the past few days so let’s read more in today’s Ripple news.
The cryptocurrency saw a parabolic upswing earlier this week and caused the price to increase over the past few days. The intense upswing slowed down with a lack of fundamental catalysts to back it up. Where will XRP Trend in the near-term mostly depend on the bulls as any dissipating buying pressure will provide some room for the entire crypto market to see a strong decline. One trader even noted that XRP will be on the verge of a strong selloff in the upcoming days and weeks ahead.
XRP was one of the best performing altcoins over the past few days and weeks with the previously “dead” coins seeing a huge resurrection with inflows of capital got poured in at a fast rate despite the fact that XRP posts failed breakouts. Where it will trend in the mid-term will mostly depend on BTC and ETH as these two assets were guiding the price action that was seen by most smaller crypto assets in the past few weeks. It’s also important to see that XRP shows signs of technical weakness which could mean a sell-off is around the corner.
At the time of writing, XRP was trading down at under 7% with a price of $0.65. It is down significantly from the recent highs and the cryptocurrency is still up from the lows set at $0.23. XRP is down from its $0.80 highs set yesterday during the height of the XRP mania but there’s a serious chance that the bull will be able to regain control of the price action. One trader explained that XRP will be on the verge of a sharp decline with the token losing the momentum at $0.80. He noted that XRP has “no coil power left” which is a bear-favoring sign.
“XRP: Failed breakout, back inside the pennant, and way too deep inside now. Therefore, no coil power left, expecting chop. If still interested in trading this, close chart and set alerts at for HTF levels.”
The upcoming few days will give us some more insight into where will XRP and the rest of the market trend next. There’s a chance that it will be determined by where ETH and BTC move in the upcoming days as well.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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