We talked about the possibility of another Equilibrium Pattern break-out for XRP and how the bears lacked strength following the recent bear break in our recent analysis for XRP.
Well, today, the bulls definitely proved themselves with a huge move to the upside breaking above all types of resistances, currently at +11%
The bulls were able to break above 5 daily resistances in just 1 move, the EMA’s will cross bullish in the next two days and the RSI is barely overextended.
Looking at a shorter time frame, the 4-hour chart is showing an initial move of 2% but with a ton of volume followed by a small negative candlestick, inside bar that broke bullish big time with huge volume. The RSI is overextended at 82 points here.
Even a shorter time frame, the hourly chart shows the initial move followed by 4 hours of sideways trading, another big candlestick followed by yet another candlestick of sideways trading and then 3 consecutive big candlesticks.
The weekly chart certainly looks much better for XRP and the bulls just got rejected from the 12-day EMA at $0.299, however, this is certainly not concerning at this point as the bulls will need to see healthy consolidation before another leg up.
The recent announcement about Coil, an XRP-backed organization that accepts the currency as a form of payment, about a huge partnership with Mozilla and Creative Commons probably helped the bulls too.