The XRP Technical Analysis shows a recovery rally challenging the 200-week EMA. Should you consider joining the hype in hopes of a breakout? The XRP price action shows a bullish reversal with a triangle breakout leading to a price of 30%. Currently, on the technical chart, the Ripple prices face a descending supply slope, challenging the breakout rally as it crosses the $0.50 psychological mark. So should you consider buying Ripple as the prices rest at the 200-day EMA? Key Points: The Ripple prices show a bull cycle reaching the 200-week EMA. The triangle breakout rally sustains above the $0.40 mark. The intraday trading volume in Ripple is $2.84 billion. Source – TradingView XRP Technical Analysis As mentioned in our previous analysis, the XRP price breaks the 100-day EMA to reach the $0.42 mark. However, the increased buying pressure prolongs the uptrend to the psychological mark of $0.50. Currently, the price action displays the growth of 40% resulting in bullish engulfing candlesticks and beating the 200-day EMA. However, a lack of support in the intraday trading volume is evident during the bullish candles. Thus, the prices revert to retest the 200-day EMA resulting in a dip of 7.42% and avoiding a closing above the $0.50 mark. Source – TradingView Coming to the weekly chart, the bullish reversal in XRP comes with a double bottom pattern and challenges the 200-week EMA. However, the bullish rally faces opposition from th...
