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XRP’s sell-off continues; contradicting scenarios on the horizon

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XRP's sell off can't get enough; contradicting scenarios on the horizon

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XRP seems like it hasn’t caught a break with its price. Once, constantly above $0.30, it is now stuck around the $0.20, sometimes dipping below it and sometimes surfacing above it. Recently, the price hit $0.25, but soon thereafter, the price decided to take a sharp U-turn, taking it back as low as $0.21.

XRP and its many fractals

Source: XRP/USD TradingView

As mentioned in quite a few articles, XRP exhibits fractal behavior more often than other cryptocurrencies. The same patterns appear over and over again but on different scales. Even as XRP stands at $0.22, there is yet another fractal continuation pattern formed; this indicates a further drop to $0.21, even $0.20.

Moreover, the VPVR indicator showed that the price, at press time, was facing headwinds, which gives rise to a scenario much different than the one mentioned above. The price could push from its current place to the next resistance level at $0.2268, a 3% rise.

Indicators

Source: XRP/USD TradingView

The indicators for XRP show contradicting indicators to the downside move. The Relative Strength Index indicates a revitalization of the buying strength and hence an indication of a potential surge. The same can be said about the MACD indicator with the formation of a bullish crossover. Since both indicators are exhibiting bullish, there is a chance that the price might push higher, instead of collapsing.

Conclusion

Due to conflicting indicators, there is a chance that XRP might go either way, it could go higher, i.e., a 3% pump or a dump down to $0.21 or $0.20, i.e., a 5+% drop in the upcoming days.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.
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