Bitcoin Analyst: XRP Is Coiling Up
Main Idea
A Bitcoin analyst suggests XRP is in a coiling phase, indicating a potential pivotal market move, with technical indicators showing accumulation and bullish momentum but cautioning about key support levels.
Key Points
1. XRP is trading at $3.55, slightly up from a local high of $3.66, maintaining a tight range between $3.41 and $3.56, indicating consolidation.
2. Technical analysts note XRP is forming higher lows and testing resistance around $3.60, suggesting a potential breakout.
3. Spot trading volume exceeds $8 billion daily, and whale accumulation remains steady, signaling long-term confidence despite a slight decline in daily active wallets.
4. The MACD is bullish on the daily chart, and RSI levels show strong momentum, though approaching overbought territory.
5. A failure to hold key support at $3.38 could lead to a retracement toward $3.00, but the coiling structure favors an upward breakout if support is maintained.
Description
In a recent post on X, prominent Bitcoin analyst MMCrypto delivered a concise but impactful message: “XRP COILING UP.” While brief, the statement has resonated with traders and analysts who see it as a signal that XRP may be approaching a pivotal move in the market . XRP Price Overview As of report time, XRP is trading at $3.55, slightly up on the day after hitting a local high of $3.66 earlier in the week. XRP has maintained a tight trading range between $3.41 and $3.56, suggesting a period of ...
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