Ripple market update: XRP/USD falling wedge pattern breakout spotted
|- The stalling XRP recovery is happening amid the regulatory discussions surrounding Facebook’s Libra.
- Technically, Ripple has a bullish bias in both the short-term and the long-term.
Ripple recovered from the lows posted yesterday in continuation of the weekend losses. The price hit lows at $0.2949 before giving way for a reversal above $0.30 (current short-term support). A weekly high has been established at $0.3239 with the upside capped by the descending trendline and the 50 Simple Moving Average (SMA) currently at $0.3243.
The stalling XRP recovery is happening amid the regulatory discussions surrounding Facebook’s proposed cryptocurrency Libra. For the first time, the CEO of Ripple Brad Garlinghouse commented on Ripple in response to the remarks by the Secretary of the U.S. Treasury Steve Mnuchin.
“When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions,” Garlinghouse stated.
More: Libra outlines “a new fiat currency” attracting regulation says Ripples Brad Garlinghouse
Ripple technical picture
XRP/USD is exchanging hands at $0.3116 after failing to break above the resistance at $0.32. Technically, the crypto has a bullish bias in both the short-term and the long-term. The Relative Strength Index (RSI) is moving sideways at 50 while the Moving Average Convergence Divergence (MACD) is gradually trending upwards towards the positive territory as a signal for increased buying power.
Besides, Ripple is grinding closer to a falling wedge pattern breakout. This pattern is considered a reversal pattern when it occurs in a downtrend as this one. The break above the pattern resistance could launch XRP towards higher levels above $0.32 and the supply zone at $0.35 respectively.
Suggested reading: Brad Garlinghouse: “Ripple (XRP) is uniquely equipped to solve a multi-trillion-dollar problem”
XRP/USD 2-h chart
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