This whale caused more than a Ripple! XRP price saw a major spike on Aug. 26, hinting at a possible effect from some big traders.
with open, close and low prices near each other with a long upper wick. This candlestick suggests that the price rally witnessed at the beginning of the session was overwhelmed by bears by the end of it.XRP now trades nearly 4% below its intraday high, testing a support confluence. The confluence comprises the upper trendline of XRP's previous"ascending triangle" and the 50-4H exponential moving average near $0.343.
From a technical perspective, a break below the support confluence risks re-triggering the ascending triangle setup, with its profit target at around $0.33. In other words, a 7% price decline by September when measured from Aug. 26's price.Conversely, a rebound after testing the support confluence could have XRP eye a recovery rally toward the $0.36–$0.38 range . This area served as XRP's consolidation range in recent months.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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