XRP Update — Approaching Resistance — Correction Incoming? 🚨
For more than a week, XRP has delivered exceptional performance. Overall, the token climbed ~50%.
However, signs of a correction are getting louder.
Here are the details of XRP's chart setup, technical indicators, trade signals, and AI forecast.
1️⃣ Chart
XRP is currently approaching a major resistance area at 0.65. Since the token already pumped massively, it would be surprising to see the resistance break with the first attempt. Contrary, it is more likely that XRP gets rejected and enters a (short) correction. If this happens, the level at 0.57 should serve as first support.
2️⃣ Technical Indicators
Unsurprisingly, many momentum indicators have reached oversold territories across all timeframes after such a rally. This adds an additional level of cautiousness and seconds to the above correction scenario.
3️⃣ Trade Signals
On the daily chart, XRP has printed bullish trade signals for several days. However, there are two important things to consider: 1) Most signals have already reached their profit potential, and 2) the latest signal (Power Scalper) is usually the last signal before a correction happens.
4️⃣ AI Forecasts
Both Deep and Pattern AI Forecasts expect a price drop during the next 7 days. However, while the Pattern Forecast expects the price to drop to $0.5, the Deep AI Forecast paints a darker picture with a forecast of $0.43.
🚨 Summarized: All perspectives point towards a correction. However, since the market is bullish overall at the moment, the correction should be short-lived.
