- A XRP enthusiast tweeted that the answer to all problems was XRP.
- Bulls give momentum to XRP to break the shackles during the first half of the week.
- Formation of the W -pattern under the 200-day MA makes XRP go bullish.
XRP enthusiast XRP Whale tweeted “The answer to all problems is $XRP!”. In order to support his view about XRP and how superior XRP was to the other cryptos, the XRP enthusiast quoted the drawbacks found in some of the top currencies.
He quoted the defunct Terraform Labs’ crypto LUNA and stated it was dead. With regard to Solana, he stated that it doesn’t work citing the outages in its network. Moreover, he stated that Cardano (ADA) was “useless,” Bitcoin was “slow,” and Ethereum was too “expensive.”
XRP started trading at $0.36 when the market opened for the week. After a quick submerge into the red zone, the token has been going great in the green zone throughout the week. Notably, the token’s movements were restricted between the $0.36-0.38 zone for the first three days of the week. However, the bulls gave momentum to XRP to break the shackles.
Toward the end of the third day, XRP found the momentum to breach the $0.38. XRP, then, reached a maximum price of $0.4076 on the fourth day of the week as shown in the chart below. Currently, XRP is down 0.16% in the last 24 hours and is trading at $0.387475.
XRP tested the 200-day MA during the second half of November as shown in the chart below. Despite breaking the 200-day MA on a few occasions, XRP was not able to hold on to the position that it gained. However, XRP found enough support from the bulls to keep it hovering just under the 200-day MA.
Interestingly, towards the second half of December, XRP started forming the W-pattern just under the 200-day MA with its double touching support 1. After forming the W-pattern, XRP found the momentum to break the 200-day MA and the token is on a bullish trend currently.
However, the Bollinger bands are contracting, as such there could be more sideways movements. The RSI too supports this notion as it is at 51.07 indicating that the sideways trend could continue.
If the bulls charge XRP could break the Bollinger band and hit resistance 1. Contrastingly, if the bears take over the market, XRP could tank to support 1.
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