XRP, the native cryptocurrency of the Ripple protocol, has experienced difficulties in the bear market. The number three cryptocurrency by market capitalization has lagged most other alternative currencies to recover from the extreme lows.
All this could soon change, after the previous day's weekly close, it could have confirmed the resistance to the downward trend as support. You can also confirm a break from a bullish pursuit pattern.
Ripple breaks free from bearish resistance after rejection of Black Thursday False Breakout
Compared to the rest of the crypto space, XRP has been among the worst performing assets for two consecutive years. After an extremely bullish momentum that brought assets from less than a penny to more than $ 3.50 per token, Ripple experienced the biggest drop.
Fall did it. Over 90% to less than ten cents a token in the most recent dip caused by Black Thursday.
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Before the massive black Thursday market collapse, the XRP had come out of resistance to the downtrend. The catastrophic sale that crushed the stock market and Bitcoin, crushed the XRP with this resistance and returned to the downtrend.
However, in conjunction with the Bitcoin pre-rally for half, XRP managed to escape the bear claws again and broke free from the resistance.
The massive sale on Saturday evening pushed down the prices of the major cryptocurrencies, but XRP managed to close the previous night's weekly candle above resistance, which could confirm it as support.
If this support can be sustained, Ripple could finally organize a powerful recovery.
XRP bullish factors: correction of ABCDE over, falling corner fracture suggests further action
The third crypto asset also formed a fractal that looks strangely like the previous consolidation period, just before Ripple made a lead of more than 60,000% all year.
The two structures formed what appears to be a drooping wedge, which can act as a pattern of bullish continuation. Each main structure also had an ABCDE correction within its limits. And everyone had a false break and a false break before the final break.
During a bearish trend, bullish corners act as inversions. But in a previous dominant uptrend, the falling corners also act as a continuation model.
Related Reading | Ready for takeoff: a two-year downtrend break could lead to $ 14 XRP
The XRP is a kind of mixture, resulting from a two-year downward trend that was preceded by a powerful and dominant upward trend that results in an increase of 60,000%. A similar percentage increase would bring the XRP to more than $ 110, but considering what it would do with the market capitalization of assets, this figure is highly unlikely.
Still, this has happened in the past, and it can at least demonstrate the power of an XRP rally, if a bullish upside begins with the weekly close confirming a two-year trendline as support.
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