XRP has formed a candlestick pattern that suggests a potential bullish reversal.
The asset has been in a nosedive state for the past several weeks, dropping by more than 20% since its peak in mid-July.
New Leg Up?
The technical term spinning bottom occurs when the underlying asset’s price goes through wide swings in both directions, but ultimately closes near its opening level. The long upper and lower wicks suggest that both bulls and bears were active, but neither side managed to gain the upper hand.
In situations where this setup forms after a steep decline and near a key support level, it’s regarded as a generally bullish sign as bears might be losing momentum. In XRP’s case, this has been evident for the past month and a half as the asset plunged from its ATH of $3.65 in mid-July to a low of $2.7 market yesterday.
As with all technical indicators, the spinning bottom does not guarantee a reversal, but it’s often seen as an early sign of a shift. Analysts typically await a
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