- XRP managed to close above the weekly 21MA and recovered to $0.63.
- XRP may rise back to $0.70 if the buying momentum continues to rise.
- Traders are bullish on the price action, as indicated by the funding rate.
Despite Ripple’s (XRP) Head and Shoulder (H&S) structure, the weekly close was below resistance, technical analyst Cryptoes revealed. The H&S pattern is a chart formation that spots a bullish to bearish trend while indicating an upward movement is nearing its end.
Cryptoes showed that XRP had initially closed above the daily diagonal support at $0.67. However, the second image shared by the analyst indicated that the support had been lost. Nonetheless, he noted that XRP managed to close above the weekly 21-day Moving Average (MA).
XRP Closed right above green diagonal daily support
XRP Rises Again
Interestingly, the weekly close of the 21MA close seemed to have helped the XRP price. At press time, the token value had increased to $0.63, a 3.15% increase in the last 24 hours. This increase made XPR outperform other cryptocurrencies including Bitcoin (BTC) and Solana (SOL) within the same period.
Another look at Cryptoes’ X profile showed …
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