XRP Bulls Must Navigate Historical Pattern of Painful Pullbacks
XRP has been trading in a tight range as it faces a key test following its recent bullish signal. The weekly Super Trend indicator turned bullish on August 17, after XRP rallied about 70% from $0.98 to $1.70.
However, ChartNerd notes that this exact signal has preceded sharp corrections in every previous cycle going back to 2019. In each of those cycles, the token's price stalled at the resistance level that decided the earlier setups.
XRP is currently trading between the 50-week EMA ($1.52) and the 20-week EMA (around $1.29-$1.30). ChartNerd warns that a close above the 50-week EMA would not automatically remove the historical warning of a possible pullback.
The analyst also points to a greater structural change around $1.90, noting that XRP needs to clear the $1.50-$1.90 zone before the move toward its previous high looks more convincing.