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.
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).