Ripple price update: XRP/USD lags reaction to the falling wedge pattern
|- Ripple lagged behind Bitcoin surge on Tuesday; upside still caped at 50 SMA.
- A breakout above the pattern resistance is expected to place XRP in an upward trajectory past 100 SMA 4-hour.
XRP/USD has not been able to recover to highs traded in the first week of April in spite of both the technical and fundamental levels staying positive. On the contrary, the price has been correcting lower from the April high around $0.3803 (swing high) and even explored the lows around $0.3136.
The previous week saw XRP/USD corrected higher from the lows. The upside movement stepped above the 50% Fib level with the last drop from $0.3136 to a low of $0.2869. A path was cleared for Ripple to approach $0.3500 but the buyers formed a high at $0.3493. The sellers took over control over the last weekend sending XRP/USD back to the drawing board around $0.3180 - $0.3200 support congestion.
The price moved into a brief consolidation phase on Monday 22 before a breakout occurred above the 23.6% Fib level. However, the bullish wave across the market failed to push XRP past the 50 SMA 4-hour.
Ripple is currently exchanging hands at $0.3266 while still lagging a forming falling wedge pattern breakout. This pattern is considered a bullish signal in a down trending market. A breakout above the pattern resistance is expected to place XRP in an upward trajectory past 100 SMA 4-hour and eventually $0.3400.
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