The last Equilibrium Pattern Broke bearish for XRP but had no continuation whatsoever from the bears. XRP has been trading sideways ever since and has confirmed another Equilibrium Pattern on the daily chart with a high of $0.2669 and a low of $0.0251
XRP has been trading below the 12-Day EMA for months at this point, it’s clear that the bears have the advantage here, however, they do seem to be losing steam and momentum as the last break out was pretty disappointing for them.
The bulls have formed a double top which is normally a bearish indicator, however, considering the lack of strength from the bears, this could mean that the bulls are trying hard to break out from this pattern.
The weekly chart remains in a downtrend and it’s currently in a Bear Flag pattern. The bulls need to prove to us that they are strong by breaking out of the bear flag and above the 12-Day EMA.
The lack of volume for the bears is concerning but it doesn’t seem like the bulls are taking advantage of it and they seem to be lacking volume too.
The monthly chart continues in a slow and steady downtrend but also trading sideways for this whole year compared to previous years.