📉⚠️ HAS THE MOMENTUM OF $XRP COME TO AN END? Short-term bearish patterns vs. long-term optimism.
XRP has risen over 50% in a month, but short-term technical indicators show bullish exhaustion 📉. A double top has formed near $2.65, with a neckline at $2.47. A break below this level points to a bearish target close to $2.30 🐻.
It also broke down from an ascending wedge, suggesting a shift in momentum to bearish. If #xrp breaks below the 4-hour EMA support of 50, it could drop another 20% to around $1.94 🎯. The $2.00-$2.04 zone contains many leveraged long positions that could get liquidated, increasing selling pressure.
The on-chain metric Net Unrealized Profit/Loss (NUPL) of XRP has entered the "Belief-Denial" zone 🤔, a level that has historically preceded major corrections in 2018 and 2021.
However, long-term analysis remains bullish 🐂. A breakout from a multi-month descending wedge could propel XRP 45% towards $3.69 by June. Long-term projections based on symmetrical triangle patterns and Fibonacci extensions even point to targets of $5.24 and up to $17 🚀. Despite the risks of short-term correction, the long-term bullish sentiment persists, suggesting that the rally is likely not over.
Do you think XRP will experience a short-term correction towards $2 or even below, or will long-term optimism prevail?
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