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Xrp Technical Analysis
XRP is currently trading in a bear flag on the weekly time frame. A bear flag is a bullish contraction phase forming Higher Highs and Higher Lows. The flagpole is formed by the previous weekly high to the start of this contraction phase of the initial uptrend. The measured move of the bear flag suggests that XRP could decline to an accumulation range of $0.11 to $0.05 cents. Giving us a third touch on the daily yellow support trendline you see.
An accumulation range is a price range where investors accumulate a cryptocurrency before a price rally. If XRP does reach the accumulation range, it would be a great opportunity to buy the cryptocurrency. Once the accumulation phase is over, XRP could enter a bull market and reach targets of $8,000 per coin.
These technical indicators suggest that XRP is likely to continue to decline in the short term. However, the accumulation range at $0.11 to $0.05 cents would be a great opportunity to buy XRP. Once the accumulation phase is over, XRP could enter a bull market and reach targets of $8,000 per coin.
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It is important to note that technical analysis is not a perfect science. There is no guarantee that XRP will follow the bear flag pattern or reach the accumulation range. However, the technical indicators suggest that XRP is likely to decline in the short term and could provide a buying opportunity in the long term.
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