Ripple price analysis: XRP/USD facing a false falling wedge pattern breakout
|- Ripple pulled a breakout above the falling wedge pattern but failed to make headway above $0.28 leaving $0.29 untested.
- RippleNet continues to fly Ripple’s flag with global expansions: a major Gulf region bank signs to use RippleNet for cross-border transactions.
Ripple tried to flex its recovery muscles on Monday but failed. The leg up broke the falling wedge pattern resistance which further paving the way for correction past the 50 simple moving average (SMA) on the one-hour chart. The resistance at $0.28 was also cleared, however, the bulls lost their mojo at the 100 SMA leaving $0.29 untested.
The price action on Tuesday is relatively bullish following a positive correction from the opening price of $0.2676 to an intraday high of $0.2689. XRP/USD has since adjusted to the prevailing market value of $0.2680.
As XRP struggles to clear the barriers for a comeback above $0.30, Ripple is expanding its global presence using RippleNet. A major commercial bank in the Gulf region has joined the global payment service, RippleNet. The National Bank of Fujairah (NBF) will utilize Ripple’s blockchain to facilitate cross-border payments.
Technically, Ripple has a short-term bearish bias. The relative strength index (RSI) is leveling close to 30 (oversold region). This follows a retreat from a zone close to 70 (overbought region). Similarly, the moving average convergence divergence (MACD) increasing negative divergence suggests that the sellers have the upper hand. Providing support on the downside is $0.26 while the immediate upside is capped by $0.27. Other resistance zones to look out for include $0.28, $0.29 and $0.30.
XRP/USD 60’ chart
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