Manoj B Rawal
Independent Analyst
- XRP on the verge of breaking down on the hourly charts.
- Bulls may have to retract a bit before any further gains.
Ripple bulls have a problem in their hands - the price on the hourly chart seems to be breaking down of a rising wedge pattern, a confirmation of the same would mean some more downside before bulls can take control back in their hands.
XRP/USD down a percent at $0.890, still above day's pivot level of $0.886. But the fact that it is almost breaking down of the rising wedge on the hourly chart, its only a matter of time before the crypto falls below this pivot and could head all the way to $0.78, which is where the wedge breakdown target lies and also earlier low made on May 1.
On the daily chart, price faces stiff resistance around $0.97 mark, which is where lies long term ascending trendline that has been acting as a support and resistance for many times in the past. Immediate resistance for the day, though is at $0.9234 and support at $0.8648.
XRP/USD hourly chart:
XRP/USD daily chart:
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