Ripple market overview: XRP/USD falling wedge pattern breakout looms
|- Ripple extends the bearish action below $0.3 after last week’s reversal from highs around $0.3250.
- The sellers’ influence over the price is immense, therefore, buyers must work extra hard for a falling wedge pattern breakout.
Ripple price continued with the lower leg action throughout the weekend session. The trading on Monday also started with the bears cementing their position and influence over the price. Ripple is down 1.1% on the day after opening the day a $0.2761 and adjusting to the current value of $0.2737.
Characterizing XRP’s market is low volatility levels and decreasing trading volumes. According to the data by CoinMarketCap, XRP trading volume hit a high of $2.5 billion on Wednesday but barely stands at $1 billion at the time of writing.
The lower correction has seen the price trim gains from a high around $0.3250 to lows below the vita $0.30. In fact, the bears extended the action to a low of $0.2685 on Sunday. Although a shallow correction ensued, the movement was limited under $0.28. Also capping movement upwards is the simple moving averages. The 50 SMA on the one-hour chart at $0.2836 and the 100 SMA currently at $0.2890.
Meanwhile, the technical picture is strongly bearish especially with the relative strength index (RSI) retreating towards the oversold. The moving average convergence divergence, at the same time, is stuck in the negative region. The slightly bullish divergence shows that buying action exists but not strong enough to break the falling wedge pattern.
XRP/USD one-hour chart
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