- Ripple price recovery stalls at $0.2050 opening the Pandora box as sellers rush in for revenge.
- The formation of a rising wedge pattern could sabotage the gains accrued this week.
Ripple has been one of the best-performing cryptocurrency in the last 48 hours. The fourth-largest cryptocurrency embarked on a recovery mission following the establishment of support at $0.17. The significant and tactical breakout occurred after the price stepped above the moving averages. The upward roll was impressive enough to hit levels above $0.20 for the first time in weeks.
However, the formation of a rising wedge pattern puts all the progress made this week in jeopardy. This pattern is used in technical analysis to signal a possible trend reversal following an extended bullish action. In this case, if the price reacts to the pattern, investors can expect XRP/USD to plummet towards the main support at $0.17 before another bigger upward action comes into play.
On the other hand, buyers have a task to establish support above $0.20. This will most likely spare the investors from another rollercoaster ride. From a different technical perspective, support above $0.20 is possible. Looking at the RSI, a bounce above $0.20 is likely in the near term. The indicator has embraced support at the midline and is currently pointing upwards.
The MACD, however, puts emphasis on the possibility of a reversal towards $0.17. For this reason, buyers must be aware of the looming danger of declines. The focus at the moment should be channeled towards defending support at $0.20 and pulling Ripple above $0.21 near term hurdle.
XRP/USD 1-hour chart
 (45)-637298586384079431.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?