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▲ Ripple (XRP) ©CoinReaders
While leading cryptocurrencies show strength day after day, dominating the market, XRP (Ripple) is uniquely trapped in a long consolidation phase, creating a sense of tension before a storm.
According to FXLeaders, an investment media outlet, on April 22 (local time), XRP is currently forming a compression pattern around $1.43, where buying and selling pressures are fiercely balanced, leading to an extremely narrow price fluctuation range. This is analyzed as a strong technical inflection point, suggesting that tremendous volatility could erupt in the virtual asset market soon.
Even as the leading cryptocurrency Bitcoin (BTC) rushes towards recent highs and Ethereum (ETH) attempts a bullish breakout, XRP, lingering around the $1.44 mark, appears completely alienated from the overall market rebound. The unusual decoupling phenomenon, a major characteristic of this correction phase, is not expected to resolve easily for the time being.
The most notable aspect of the current chart is that the moving averages are rapidly descending towards the current price level, forming a strong ceiling. The 200-day moving average is situated around $1.90, and the 100-day moving average has fallen to the $1.50 mark, intensifying the downward pressure.
As this compression zone, where moving averages exert downward pressure, lengthens, breaking through the upper resistance becomes even more challenging. Since February, XRP has been consolidating without a clear direction within a narrow range between $1.20 and $1.60, and the Relative Strength Index (RSI) is also hovering in the boring mid-range, indicating it remains in the eye of the storm before establishing a new trend.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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