According to U.Today, the recent price action of XRP has formed a spinning top candlestick pattern, a signal often associated with market indecision. This pattern typically follows a significant price movement and suggests a possible pause or reversal in the trend. For XRP, this could mean that the recent upward surge might be slowing down, with a period of correction or consolidation potentially on the horizon.
XRP has recently achieved notable progress by breaking through several resistance levels and reaching a high of approximately $0.72. However, the emergence of the spinning top pattern indicates that a pullback might be imminent. To maintain its upward momentum, XRP needs to stay above crucial support levels. The immediate support level to monitor is $0.60, which, if held, could allow XRP to consolidate and prepare for another upward move. Should XRP fall below this level, a larger retracement targeting the $0.55 support level, aligned with the 50-day moving average, may occur. This level is crucial for bulls to defend, as a drop below it could lead to a prolonged correction.
For XRP to continue its upward trend, it must break clearly above the recent high of $0.72. A successful breakout could enable XRP to test the next resistance zone between $0.75 and $0.78. Beyond this, psychological levels such as $0.80 would become significant resistance hurdles. The short-term trajectory of XRP will also be influenced by the overall state of the cryptocurrency market and the trading volume of XRP. If high trading volume and bullish sentiment counteract the bearish implications of the spinning top pattern, the rally may persist.
