Ripple (CRYPTO: XRP) printed its second-quarter results on Thursday and its native token-trading volume has skyrocketed 98% over the first quarter from 2.2 billion to 4.49 billion. XRP’s ODL related sales also soared to $157.92 in the second quarter versus $150.34 in the quarter ending in March.
In April, XRP broke up bullish over a resistance level that had been holding the crypto down since May 2018 and XRP reached a high of $1.96. When Bitcoin (CRYPTO: BTC) began to fall in mid-April, XRP followed suit and retraced down to the 50-cent level where it looks to have found a bottom. If XRP continues to gather steam under resistance, it could really rip.
The XRP Chart: XRP hit near the 50-cent level four separate times, on June 22 and 23 and July 20 and 21, which created a bullish quadruple bottom pattern. Since hitting the level the fourth time, XRP broke up bullish and soared 47% higher before smashing into two aligned resistance levels – price history resistance at the 76-cent level and the 200-day simple moving average (SMA).
After hitting the resistance levels XRP has consolidated and has set itself into a bull flag pattern. The pole of the pattern was created between Tuesday and Wednesday and the flag on Thursday and Friday.
XRP is trading above the eight-day and 21-day exponential moving averages (EMAs) and the eight-day EMA recently crossed back above the 21-day EMA, both of which are bullish indicators. XRP wicked and rejected from the 200-day SMA which indicates overall sentiment is bullish for the time being.
- Bulls want to see XRP continue to consolidate within the flag pattern to gather enough strength to break up bullishly from the bull flag and gain the SMA as support. If it can pop above the level, it has room to move up toward the 84-cent mark.
- Bears want XRP to continue to reject the SMA and for big bearish volume to drop the crypto back down to a lower support level at 66 cents. If XRP can’t hold the level as support it could retrace toward 59 cents.
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