【XRPJPY】A V-shaped rebound from the nightmare of briefly hitting the 26-yen level

In the post dated August 12 titled “【XRPJPY】Holding at a crucial 33-yen level,” I noted that on a daily basis the price continued to move downward along the lower side of the Bollinger Bands by about 2 sigma, and if it broke below the 33-yen level, the impact would be significant. In reality, the price easily fell below 33 yen, and on the 14th it even dropped into the 26-yen range. Nevertheless, it formed a wick at the bottom, turned around, and achieved three consecutive bullish candles, with a recovery to the 40-yen area at one point. Technically, a downtrend line is descending toward about 40 yen. The reaction at that point will determine whether the decline continues or whether the price aims higher, making it a potential factor to watch.