XRP close to Definition is close to Trend Definition
After having problems with the SEC filing and having returned all the price gains it had achieved, XRP starts a recovery process by breaking EMA89 but is unable to win the resistance at the $ 0.3657 point where the price went for 6x.
After rehearsing a recovery and testing the resistance again, where it has just formed a double top (M), the XRP navigates inside a symmetrical triangle, a figure formed by an LTB and LTA.
The lilac zone is the resistance region between EMA200 and LTB. To define an upward trend, XRP needs to beat this entire region.
But the cryptocurrency may also continue the downward trend following the LTB trend and beating the LTA. If this happens, the price should seek support from the previous funds where we had a slight accumulation, between:
– $ 0.2380
– $ 0.2166
Even if the price comes strongly, this is a region that you should insure, as we have a good price rejection history at this point.
The path is smoother to keep falling, but the big question of defining the XRP’s movement is based on what will happen when the triangle breaks.