Ripple price analysis: Falling wedge, the ingredient XRP/USD needs for a breakout above $0.30
|- Ripple price remained depressed over the weekend despite other cryptos posting minor gains.
- $0.27 is still unconquered while the current momentum is focused on shuttering $0.25 support.
The cryptocurrency market posted modest recovery moves over the weekend from a general perspective. However, selected assets like XRP remained depressed towards key support levels. For instance, attempts to push towards $0.30 failed short of $0.27.
Meanwhile, Ripple is in the middle of a correction to the short term support at $0.26. On Sunday, the major support at $0.25 was tested. Apart from the resistance at the 50 Simple Moving Average on the 4-hour chart, XRP will deal with more hurdles at the 100 SMA currently at $0.28, $0.29 and $0.30.
The formation of a falling wedge pattern is a key indicator for an end of the year rally. Ripple could easily approach $0.35 and trade towards $0.50 before December 31. In the meantime, a return above $0.30 remains to be the bulls’ short term goal.
XRP/USD 4-hour chart
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