Highlights
XRP price is down nearly 4% in seven days as Bitcoin (BTC) and Ethereum (ETH) restarted their short-term bullish trends after upholding key support levels. Despite the short-term bearish trend, Ripple signals a long-term bullish outlook reflected by a spike in whale accumulation and solid fundamentals.
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XRP hovered at $0.5728 on Tuesday during the US trading session. The 50-day Exponential Moving Average (EMA) provides immediate support downside, while the 20-day EMA highlights resistance at $0.582.
A daily close above the 20-day resistance will help affirm the short-term bullish outlook. Ultimately, this may bolster the chances of an inverse head and shoulders (H&S). This is a bullish pattern that, if validated, could boost XRP price by 21.6% to $0.74—a breakout target determined by the height of the pattern and extrapolated above the breakout point.
Conversely, it is prudent for traders to prepare for divergent outcomes. In other words, the downtrend could extend if the 50-day support at $0.5661 crumbles. In that case, the 200-day support at $0.5487 will come in handy while not ruling out a major sell-off to $0.5 and even $0.4 if the SEC appeals the lawsuit ruling.
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