Ripple (XRP) Breaks Key Trend Indicating Bullishness: Analyst Cautions Further Confirmation Needed
XRP has shown indications of immense bullishness, according to leading analyst JD, but some caveats remain.
Ripple’s native token has officially broken out of a multi-year resistance trendline when viewed on standard (non-logarithmic) scales, according to JD.
Successfully retesting prior resistance as new support would confirm XRP has entered a new bull regime after years of rangebound price action stemming from the ongoing SEC lawsuit over token sales. However, failing to hold the breakout upon retesting this trendline could indicate a head-fake.
So while extremely encouraging for long-suffering XRP investors, more confirmation is still required before sounding all-clear, according to the analyst. Losing bullish momentum here could quickly lead to disillusion.
It’s an adage as old as investing itself: breakouts must be confirmed. XRP seems poised for big moves after prolonged stagnation, but only backtesting the broken multi-year trendline as support will confirm the next bull wave is truly underway.
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Traders must stay nimble amidst such uncertainty rather than assume a straight-line moonshot. As JD notes, managing expectations remains crucial to avoid bad decisions.
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