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A spinning top candle, a candlestick pattern frequently linked to market indecision, has formed in the recent XRP price action, drawing attention to it. Spinning tops usually follow a significant move and suggest a potential trend pause or reversal. For XRP, this could indicate that the recent surge is winding down and that a brief period of correction or consolidation is possibly approaching.
Technically speaking, XRP has made remarkable progress, breaking through multiple resistance levels and reaching highs of about $0.72. However, a pullback might be possible given the spinning top pattern. In order to continue its upward trajectory, XRP must hold its position above important support levels. XRP may be able to consolidate and get ready for the next leg up if it can hold the $0.60 mark, which is the immediate support to watch.
A larger retracement that might target the $0.55 support level, which is in line with the 50-day moving average and previously defined price zones, may be indicated if XRP breaks below $0.60. Bulls would need to protect this level because a decline below it might trigger a protracted correction.
XRP would need to make a clear break above the most recent high of $0.72 in order to continue its upward trend. It might be possible for XRP to test the next resistance zone, which is between $0.75 and $0.78, if there is a clear breakout above this level.
After that, psychological levels like $0.80 would become relevant and serve as significant obstacles to resistance. XRP's short-term trajectory will also be influenced by the state of the larger cryptocurrency market and the volume of XRP's trades. The rally may continue if high volume and bullish sentiment disprove the spinning top's bearish implications.
Read original article on U.Today