E Point Perfect – Interesting and beneficial content

XRP Bulls Trying to Break Bearish Trend


article image

Alex Dovbnya

XRP bulls are attempting to reverse ongoing bearish trend, but there is major hurdle ahead

According to technical analysis shared by Prague-based cryptocurrency exchange Bitpanda, XRP bulls are currently attempting to reverse the bearish trend with a recent price uptick.

Image by @BitpandaPro

XRP is currently in the green, rising by about 2% over the past 24 hours.

Daily wicks indicate that XRP bulls are attempting to make a comeback.

The token’s price recently plunged lower after breaking below the trendline of an ascending triangle.

The Ripple-affiliated cryptocurrency is currently in consolidation mode, trading at $0.35 on major spot exchanges, according to data provided by CoinMarketCap.

XRP bulls would have to overcome the 100-day moving average (MA) in order to have a shot at reversing the trend.

The token is currently valued at $17.3 billion, which makes it the seventh biggest cryptocurrency.

All eyes on Jackson Hole

As reported by U.Today, Bitcoin spiked earlier today, together with other major cryptocurrencies. The flagship coin saw a modest rally along with stocks.

Still, cryptocurrency traders remain cautious ahead of Friday. Federal Reserve Chairman Jerome Powell is expected to provide investors with more clarity regarding the central bank’s interest rate outlook during a conference that will take place in Wyoming’s Jackson Hole valley tomorrow. According to Oanda analyst Craig Erlam, the conference will dictate the cryptocurrency market’s next moves.

Shiba Inu (SHIB) has been by far the best-performing cryptocurrency among major altcoins, spiking by nearly 10% over the last 24 hours and coming closer to toppling Polkadot (DOT).


Source link

Related posts

XRP Price Analysis for November 28

Ripple CTO Responds to XRP-Hating AI Chatbot

Cardano’s RayStake Will Hunt Down Recent Attacker Unless He Returns Stolen Funds: Details

Mars Introduces Bored Ape-Themed M&M’s

Cathie Wood Sells Coinbase Stock at All-Time Low: Is It Bounce Indicator?

3AC Creditors Unite in Push Against High Legal Costs, Asset Sales Disputes