Some cryptocurrency analysts are optimistic about Ripple XRP as it battles a two-year downtrend. He noted that Ripple appears ready to finally break the long-term downtrend that has been in place since early 2021.
XRP is currently changing hands at around $0.6203. It shows a mixed trend for Ripple but highlights the bullish flag pattern that has formed on the chart. Previously, XRP had a massive rally from below $0.30 to above $0.90 in mid-2023.
Strong support around $0.55 aligns with XRP’s 200-day moving average, providing a low-risk area where traders can enter a swing position for a retest of resistance around $0.68 in the near term.
For context, a flag pattern often forms after a sharp advance as an asset consolidates temporarily before resuming its larger trend. The pattern provides a technically sound setup for participating in the current upside move.
If Ripple can hold support near the 200-day moving average and break above short-term resistance at $0.68, there is a good chance it could close its bearish gap towards the $0.90 to $1.00 area, which is where XRP peaked during its summer run.
(Personal opinion, not a recommendation)
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.
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