- Reviving purchasing pressure may lead to an upward breakout from the pattern.
- Rising bullish pressure, if attained, will likely knock out $0.91.
The XRP price continued its downward slide on Thursday, losing more than half of its value. Since March, XRP has been trading below the $0.80 mark. The price could not maintain its recent 20% rise and crawl into the ‘Symmetrical triangle‘ pattern from February 9. The XRP price seemed to break free from the downward trend in February. However, with the emergence of an ‘Evening star,’ the upward movement came to a halt at $0.91.
A breakthrough from the ‘Symmetrical triangle’ on the daily chart is imminent, setting the stage for more directional movement. There will be more agony for XRP if it breaches the session’s low and closes decisively lower. At $0.7547, the 50-day EMA (Exponential Moving Average) is already putting pressure.
Reviving purchasing pressure may lead to an upward breakout from this pattern. At $80.0, the first upside filter is in place. Rising bullish pressure, if attained, will likely knock out $0.91, the highs that were set on February 9.
NFT Creator Fund
The $250 million Creator Fund of Ripple (XRP), a blockchain solutions provider, has announced the onboarding of almost 4,000 creators under various non-fungible tokens (NFT) projects. On March 10, 2022, a news release from Ripple indicated that independent producers like painters, singers, and game designers would benefit from Ripple’s new digital currency system. The fund’s beneficiaries include authors, producers, and entrepreneurs like Justin Bua, Steven Sebring, and xPunks.
Furthermore, the effort focuses on artists and connects with creative firms and markets. For the most part, the firm is collaborating with reputable companies like MintNFT and VSA Partners.