Prices for XRP have been very strong this week, especially over the weekend. Buyers were very responsive to the decline in Ripple, raising concerns about new and existing short positions, even though Sunday’s pricing behavior almost wiped out all of Saturday’s profits.
XRP prices can cause short squeeze above $ 0.84.
The price of XRP is currently $ 0.84 below the 38.2% Fibonacci retracement (from the April 14, 2021 high to the January 2021 strong bar low). $ 0.84 has been the main resistance level for XRP since it first fell in early January 2022. connection: NFT Training: Major Turkish Universities Start NFT Courses..
The consistent inability to push and close above $ 0.84 may end. Many new shorts have been created since Friday. Unfortunately for bears, many of these new short positions are currently underfunded. The bulls stubbornly bought all the daytime lows, regained the 2.3% loss and converted it into a profit of almost 2%.
Perhaps the most important condition that the XRP price has been met since last week is the completion of a bullish glance ideal breakout on the daily chart. The short-term resistance of XRP is only 38.2% Fibonacci retracement, as the ideal bullish first-time breakout has been identified and activated.
If the Bulls can close the XRP price above $ 0.84, the next stop is the weekly Kijun-Sen near the $ 1 value zone.
The price of XRP is below Ichimoku Cloud and Kijunsen on the weekly chart. This shows that strong bearish emotions are still a big problem. XRP may create bearish continuation patterns, bearish flags on weekly charts. If the price of XRP falls below the flag near $ 0.70, the bullish outlook will be invalidated.
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