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XRP analysis – price forms a reverse pattern, is it at a long-term minimum?

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XRP creates a potential reverse pattern directly on the main long-term support. The market price reached in a short time 10 percent growth, but immediately encountered resistance and the reversal has not yet been confirmed. What levels of support and resistance are currently needed on the XRP / USD currency pair chart watch?

Ripple has created decent short-term growth, but RSI indicates overbought phase and the market needs to cool down in the short term. However, it seems that the price has found a local bottom and probably a growing trend awaits us in the coming days. But watch out for the signal because confirmation of the trend reversal has not yet taken place. For that, the price must overcome point 2 at $ 0.93.

XRP / USD 4HXRP / USD 4H. Source: TradingView

XRP forms a reverse pattern

If the price exceeds point 2, the reverse pattern 123 bottom formation is confirmed and subsequently growth will continue in the short term. Bull target is located on the surface point of control $ 1.08. In addition, it is still true that the price consolidates between long-term support and long-term resistance.

The price could easily consolidate among these trends for another two months. Of course, it depends on market situation because these trends can be broken at any time. In the short term, however, the price probably goes to the mentioned bull target. But he is still a part of it long-term consolidation structure.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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