Bullish XRP Signal Faces Key Resistance Test
XRP's weekly Super Trend indicator flipped bullish on August 17 after the token rallied about 70% from $0.98 to $1.70, according to analyst ChartNerd.
The catch is that this exact signal has marked local tops before deep pullbacks in every previous cycle going back to 2019, and XRP is already stalling at the resistance level that decided those earlier setups.
ChartNerd's analysis centers on what happened after XRP hit roughly $0.98 and then recovered.
The token moved about 70% toward $1.70, where it ran into the 50-week EMA, currently around $1.52. At the same time, the token has been trading between that resistance and the 20-week EMA near $1.29 to $1.30.
Bullish super trends usually mark local tops, ChartNerd said, while stressing that historical behavior does not guarantee the same outcome this time.