Ripple Price Analysis: XRP/USD prints a bearish pattern despite run-up to $0.18
|- Ripple price technical picture is heathy but a rising wedge pattern could force a freefall to $0.16.
- XRP/USD is trading between the 50 SMA support and the 200 SMA resistance in the 4-hour range.
Ripple price impressively cleared the resistance at $0.18. The surge followed stability and brief consolidation above $0.17. This bullish action was in tandem with Bitcoin’s and Ethereum recovery, testing $7,300 and $150 respectively. Across the board cryptocurrencies are slightly in the green on Friday during the European session. Some of the biggest single-digit gainers are Bitcoin Cash (up 1.4%), Dash (up 1.05%) and Monero (up 1.75%).
Ripple price technical picture
XRP/USD is trading at $0.1793 at the time of writing. The token has gained 0.26% on the day. The surge above $0.18 hit a wall at $0.1878, giving way to selling pressure which forced the price back under $0.18.
The 4-hour chart shows Ripple price trading between the support and the resistance of the moving averages; the 50 SMA is in position to provide support at $0.1748 while the 200 SMA could hinder movement at $0.1838.
According to the and the MACD, XRP/USD is in the hands of the bulls. The RSI is holding the ground at 62 after recovering from the weekend low at 40. On the other hand, the MACD is seated within the positive territory. A minor bullish divergence put emphasis on the jabs buyers keep throwing at $0.18.
On the flip side, the formation of a rising wedge pattern could sabotage all the progress made this week. Therefore, it vital that support at $0.1750 and $0.17 is defended at all cost to avert a freefall to $0.16 or even $0.15.
XRP/USD 4-hour chart
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