Investors Skeptical of XRP Bullish Rally Despite Rising to $1.10
Despite prices declining in the previous week, last Sunday and Monday showed profitable opportunities as crypto investors traded around $1.
At market open, XRP investors are getting ready to take profits at $1.15 intraday and $1.25 by the end of the week.
XRP investors started selling off their positions during the previous week as the overall global market experienced constant reflation and stagflation. However, crypto traders regained their risk appetite as worries subsided by the end of the week.
Cryptocurrency traders look to take advantage of the significant traction of BTC and XRP as global economies started to look better in the week.
XRP prices started to exhibit a consolidating pattern in the 1-day charts, with a few resistance tests. By the end of the day, the consolidating pattern showed a support level at $1.0963, with the resistance level at $1.1500.
Trading chart of the most popular cryptocurrencies
As the chart started to form throughout the week, XRP prices started to show a descending triangle, which can signify a breakout in the weekly chart. However, a potential breakdown from the consolidating pattern could take place at $1.0963 and $1.0496.
However, a potential breakout from the descending triangle can retest a new support area at $1.1500.
The 200-day Simple Moving Average also shows the psychological effects of cryptocurrency investors during this consolidating pattern. Although the market showed an acceptable rally since September 25, 2021, investors are still skeptical of the XRP prices increasing to the first resistance level.