bullish

Bitcoin

The post <a href="https://coinpedia.org/news/xrp-price-analysis-outlook-remains-bearish-with-no-signs-of-breakout/">XRP News Today: Is XRP Price Facing a Larger Correction or Preparing for a Bullish Move?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bitcoin began the week at $63,800 after concluding the previous week with a positive momentum, indicated by a green candle. According to analysis,Bitcoin is at a critical juncture, where its current price behavior closely mirrors past cycles. The price could continue to waddle in its current range, possibly testing lower levels like $61,000 before making a decisive move. 
However the&nbsp; XRP price chart is currently facing resistance between $0.59 and $0.62, and has failed to break above this level. <a href="https://www.youtube.com/watch?v=ao4aXBikn-Q">This suggests a</a> potential larger correction. The movement since early August has shown a three-wave pattern, which doesn’t give a clear indication of the trend direction. 
For a bullish scenario, XRP needs to hold above the August low of around $0.43 and break through the resistance at $0.63 and $0.66. If the price drops, it could test the support levels around $0.54, $0.52, and $0.49. The outlook remains uncertain, with the possibility of more sideways movement or a further decline before a clearer trend emerges. 
<h2 class="wp-block-heading" id="h-xrp-price-resistance-and-breakout-potential">XRP Price Resistance and Breakout Potential</h2> 
ABC Structure: One possible scenario is that the recent price movements form an ABC structure, with the “C” wave potentially unfolding as a diagonal pattern. The rally from August 5th to August 7th is seen as part of this structure, hinting at a potential wave 1 of a diagonal pattern. The pullback could be a wave 2, which is expected to form a higher low above the August low of $0.43. 
Breakout Requirements: For the bullish scenario to gain traction, XRP needs to break above the recent high of $0.63 and the July high of $0.66. Only a decisive move above these levels would confirm the continuation of the uptrend.

XRP News Today: Is XRP Price Facing a Larger Correction or Preparing for a Bullish Move?

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