Ripple Technical Analysis: XRP/USD fails to hold $0.30 again and has created a double top
- XRP bulls are not so comfortable now after XRP slipped below $0.30.
- They got rejected significantly from $0.327 which is now considered a double top.
The last high of XRP’s bull rally was established at $0.325. XRP then had a healthy consolidation period dipping below $0.27 but defending the daily 12-EMA. On August 17, XRP peaked above the first high and touched $0.327 but got rejected heavily dropping below $0.30 in the next two days.
XRP/USD daily chart
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The current double top is obviously not good news for the bulls. We are seeing a notable shift in momentum as XRP just lost the daily 12-EMA and could confirm a daily downtrend if $0.27 is lost. The longer-term will remain bullish but it’s unclear if the buyers can defend the 26-EMA and the last low.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
