Lorenzo Stroe
Independent Analyst
- XRP bulls are not so comfortable now after XRP slipped below $0.30.
- They got rejected significantly from $0.327 which is now considered a double top.
The last high of XRP’s bull rally was established at $0.325. XRP then had a healthy consolidation period dipping below $0.27 but defending the daily 12-EMA. On August 17, XRP peaked above the first high and touched $0.327 but got rejected heavily dropping below $0.30 in the next two days.
XRP/USD daily chart
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The current double top is obviously not good news for the bulls. We are seeing a notable shift in momentum as XRP just lost the daily 12-EMA and could confirm a daily downtrend if $0.27 is lost. The longer-term will remain bullish but it’s unclear if the buyers can defend the 26-EMA and the last low.
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