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XRP currently shows signs of vulnerability, since its recent action in the price is becoming increasingly bassist. After trying to claim an upward impulse above $ 2.60 in May, the cryptocurrency has struggled to maintain this race, and its price action in recent days has He approached him to lose The price level of $ 2.10.
In particular, the price action has resulted in the formation of a head and shoulder pattern in the daily sail table. This could be the final queue that finally Send the price of XRP in chopped below $ 2.
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XRP breaks the neckline of the head and shoulders
How is it identified by A cryptographic analyst on the XRP Social Network Platform has now printed a classical head and shoulder formation, with symmetry clearly defined between the left shoulder, head and right shoulder. The formation of the head and shoulders began to take shape at the end of April, when the price rose to $ 2.26 to become the left shoulder of the pattern. In early May, XRP emerged up $ 2.60 to create the head of the formation and what appeared at that time was a resumption of a strong bullish impulse.
The rally lost steam shortly after reaching that reach, and the price began to withdraw once more. For June 3, XRP He made another attempt To push higher, reaching $ 2.27 in what is the formation of the right shoulder. However, this impulse was not enough, and the subsequent price action has seen sellers fighting gradually for control.
The head and shoulder pattern, which is often associated with trend reversions, became more in relation to XRP broke down below the neckline around the level of $ 2.18 to reach only $ 2.07 on July 6. Interestingly, the breakdown below the neckline was accompanied by an increase in volume, which provided additional confirmation of the bearish signal.
EMA REJECTS FOR XRP: What follows?
Now that XRP has broken below the neckline, the area of ​​$ 2.18 to $ 2.20 is beginning to turn to a firm resistance barrier for any recovery attempt. The daily chair of candelabra shows that XRP continues to be trading below the 9 -day EMA and the 50 -day SMA, which currently has $ 2,1877 and $ 2,2649 respectively.
Although A modest recovery In the last 24 hours, XRP has not repeatedly failed in the 9 -day EMA since the breakdown of the neckline, showing persistent weakness in The short -term structure.
While XRP is trapped under the neckline and the EMA/SMA resistance group, the predominant structure continues to favor a downward extension. According to the head and shoulders configuration, a measured movement of the neckline decomposes projects a decrease towards the range of $ 1.85 to $ 1.80.
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At the time of writing this article, XRP is now negotiating in the resistance of the neckline again at $ 2.18 after a 2.6% increase in the last 24 hours from $ 2.13. However, the strength of this rebound is questionable, since it has occurred along with a strong fall of 48.14% in the volume of negotiation. The next 24 hours will be importantsince the price behavior around the range of $ 2.18 to $ 2.20 could determine whether XRP resumes its decrease and breaks below $ 2.
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