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XRP chart triggers sell-off warning after price explodes by 54% in one week

Published 08/14/2021, 09:45 AM
Updated 08/15/2021, 11:40 AM
XRP chart triggers sell-off warning after price explodes by 54% in one week

XRP price almost surged to its three-month high following a strong uptrend continuation on Aug. 14. Nevertheless, its wild weekly run-up triggered overvaluation risks, thus raising possibilities of an imminent price pullback.

In detail, the XRP/USD exchange popped 11.78% higher to reach $1.20 for the first time since May 22. The pair's gains appeared as a part of a prevailing bullish trend that started July 20 when it was trading for as low as $0.154 — a 134% upside retracement on the whole.

XRP/USD daily price chart featuring RSI indicator. Source: TradingView.com
XRP/USD daily price chart featuring Bollinger Bands indicator. Source: TradingView.com
XRP/USD daily chart BitFinex. Source: TradingView.com, DonAlt

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FYI: they published this before when the price was lower. they got that wrong and decided to republish again. Great job Cointelegraph!
This article is aimed at causing fear to those who aren't well versed in technical analysis. Instead of just reporting, they're giving indirect trading speculation. Stick to reporting and stop trying to encourage or scare people. I'm questioning their stake in this. Reader beware and don't be influenced by articles. Just because someone is published, doesn't necessarily mean that they are experts!
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