Ripple (XRP) has been long overdue for a breakout but the price keeps on stalling a break out of the symmetrical triangle. This triangle extends back to since the beginning of the bear market but we have yet to see a formal break out. The daily chart for XRP/USD shows that the price has once again started to decline towards the bottom of the triangle as it has faced a strong rejection at the 200 Day EMA. A close below the 200 Day EMA is a very bearish sign which often denotes further downside. The same could happen this time and Ripple (XRP) might decline to the trend line support considering it is heavily overbought on the daily time frame.
The past few months have been tough for Ripple (XRP) as the price has missed a lot of opportunities to rally when the rest of the market did. When the price was finally in a position to move, it did not last for long and was one large candle to the upside as seen on the daily chart around the beginning of this month. During the whole time,…
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