bullish

Momentum

Resistance

<ul class="news-points wp-block-list" "wp-block-list"> 
 <li>XRP forms a classic descending triangle pattern on the chart</li> 
 <li>Bullish divergence detected in Chaikin Money Flow oscillator</li> 
 <li>A breakout above $0.60 resistance could ignite a new uptrend.</li> 
</ul> 
XRP experienced a minor pullback, dropping around 3% in the last 24 hours. This consolidation comes after an impressive <a href="https://coinedition.com/xrps-48-surge-analyzing-the-factors-behind-the-rally">48% surge</a> in the past few days, triggered by positive developments in Ripple Labs’ legal battle with the SEC. 
Despite the recent dip, XRP’s overall trajectory remains bullish. The token is currently facing resistance at the $0.60 level, but a break above this could signal a potential bullish reversal. In the daily chart, the downward-sloping pattern of the Klinger Oscillator confirms this bearish sentiment, as it has been hovering below the zero line for an extended period, indicating a weakening underlying trend. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfBbUDQNgnUgIz0dd4F9PVKY9oM9uKFmIVeWc_wSBUbvSCJO8kKLc_foz3_7_s7f67vCGDxx0V6XHpoS2zWVahMZOVQGBa8ktg0bgmP4qv7OobWU4LWRETtjip-AtUl4-qdBXbn9YswAzU6sJ8vmTjD4YE?key=SNlXUK9twP8SXn1whaUmmg" alt="">
</figure> 
Technical indicators paint a mixed picture. The downward-sloping Klinger Oscillator on the daily chart suggests a bearish bias, while a slight uptick in the Chaikin Money Flow (CMF) oscillator hints at potential buying pressure. Additionally, the formation of a descending triangle pattern could precede a bullish breakout. 
In short, a break a…
The post <a href="https://coinedition.com/xrps-bullish-momentum-faces-key-resistance-at-0-60/">XRP’s Bullish Momentum Faces Key Resistance at $0.60</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

XRP’s Bullish Momentum Faces Key Resistance at $0.60

Coin Edition

Other articles published on Aug 9, 2024

Restore the Republic Token $RTR Crashes 95% After Trump Family Denial

AI offerings are a bad joke, and investors aren't laughing

Will Bitcoin Reach New Price Levels After Retracing to $60K?

BNB Chain Announces Winners of Second BNB Incubation Alliance Round

Cryptocurrency Market Records A Bullish Comeback, Bitcoin Reclaims $61K, Ethereum Hits $2.7K!

Bitcoin reclaims $62,000 as Fear and Greed Index hits neutral

Join our free newsletter for daily crypto updates!