At a time when ETH-based tokens are seeing considerable gains, the cryptocurrency markets are getting ready for the launch of the Ethereum spot exchange-traded fund (ETF). While Bitcoin continues to linger at $66,500, other coins are gradually cementing their positions. Nevertheless, XRP continues to remain unchanged within a range, and it is having difficulty attracting positive momentum, which has prompted concerns regarding its market activity.
Beginning in the middle of 2022, XRP has been trading along a powerful ascending trend line that has been providing essential support. Since the bull run in 2021, weekly charts have indicated that there is probable resistance ahead, which suggests that a rejection is on the horizon. If the positive mood does not improve shortly, this scenario can keep prices consolidating within a critical pattern, which might result in prices falling below $0.5.
Undecisive Movement For XRP
Upon further examination of the weekly chart, it is discovered that XRP is currently trading within a decisive symmetrical triangle, which is positioned to undergo yet another pressure test. A fresh pullback might be triggered if the week does not conclude on a bullish note. This pullback could potentially drop below $0.5, as indicated by bearish signs from the Supertrend and a potential bearish crossover between +Di and -Di on the DMI.
Despite this, the Average Directional Index (ADX), which is a measure of the strength of rallies, is getting closer and closer to its lower barrier, which indicates that a likely bullish recovery exists in the weeks ahead. During this interim period, it is projected that XRP will remain confined within the triangle apex until the end of the year. This is because it is waiting for a large breakout, the direction of which may be determined by the impending trading volume.
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