In recent weeks, Ripple [XRP] has unexpectedly found itself on a veritable bullish wave, attracting the attention of investors and analysts alike. However, the burning question remains: how long can XRP sustain this bullish trend?
The opening and closing prices of XRP over several days show an overall downward trend with a slight recovery. As you can see in the chart below, the XRP MACD line is fluctuating around the zero line, indicating a market in balance between bulls and bears.
The presence of several bullish flags on the chart above, especially after upward movements, signals continuation of bullish momentum.
However, these poles are followed by horizontal or minor corrective movements that form “flags” as shown in the chart above. This pattern usually indicates a consolidation phase.
The price demonstrated stability, maintaining levels above previous resistance zones that turned into support.
Each bull flag forms at a higher level than the previous one, hinting at small but persistent bullish sentiments.
There have been instances in the last five days on XRP where a reverse head and shoulders pattern could form. However, these examples appear jumbled and overlapping due to frequent marks indicating successive attempts by bears to reverse the bullish trend.
Current chart movements around the marked areas suggest frequent tests of resistance levels. XRP social volume has declined since the start of the year, but it is currently performing better than it was a month ago.
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