Ripple price analysis: A H&S breakdown looming in the immediate term
- Head & Shoulder breakdown looming on XRP.
- Could result in about 5 percent downtick.
Ripple price has formed a head and shoulders pattern in the immeiate chart, which if broken on the downsie, could result in about 5 percent drop from the neckline of the pattern.This won't please the bulls, who hae been hammered all around in the recent price declines.
XRP/USD is down more than 1 percent at $0.68004 but has been able to bounce from the lows of $0.6586. The neckline of this head and shoulder pattern, formed on the 15-minute charts, is placed around $0.6700, its immediate support.
Immediate resistance for this crypto now stands at $0.6900 and then at $0.70, break of which would negate H&S pattern and chances of prices moving higher would increase, at least in the short term.
XRP/USD 15minute chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
