After a long period of lateral movements and decreasing momentum, XRP seems to be preparing for a new large price movement. The rejection of the upper Bollinger Band raises the question in many traders: is XRP at the point of breaking out, or is there a correction?
Rejection at $ 2.27 ensures tension
During the cooling of the cryptomarkt last night, XRP got stuck on sturdy resistance around $ 2.27 – exactly at the upper limit of the Bollinger tire. The race made a step back. Although this indicates a decreasing buying momentum, experienced traders consider this to be a promising technical attitude.
The XRP rate is currently at $ 2.13. The middle tire, which coincides with the 20-day simple advancing average at $ 2.06, acts as a crucial pivot point for the coming trade days.
Two possible scenarios for XRP
The current rejection can go two sides. If XRP manages to recover from the middle tire, this could stir -up the bullish sentiment. In that case, the $ 2.27 first comes into the picture again – and with a breakthrough the psychological price target of $ 2.70 is within reach.
On the other hand, a convincing decrease under the bottom tire could unleash a deeper correction around $ 1.86, with XRP possibly sliding to the price area around $ 1.70.
Source: https://newsbit.nl/xrp-op-weg-naar-270-of-terug-naar-170-bollinger-bands-onthullen-cruciale-koersinformatie/
