Ripple price analysis: XRP/USD on the verge of a falling wedge pattern breakout


  • Ripple buyers attempt another recovery move after $0.27 support caved in due to the selling pressure.
  • If the wedge pattern resistance is tackled and cleared, XRP could potentially rise above $0.30.

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690. The third-largest crypto has already adjusted to $0.2642 following a 1.44% lower correction.

Meanwhile, all the price action is taking place below the 100 SMA on the 1-hour chart currently at $0.2707 and the 50 SMA at $0.2729. The Relative Strength Index brushed shoulder with the oversold. However, the indicator is attempting a reversal signal the return of the bulls.

Also signaling a better technical picture is the falling wedge pattern. If the building bullish momentum tackles the resistance, a breakout is surely in the offing. The kind that can get XRP though the hurdles towards $0.30.

XRP/USD 1-hour chart

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin’s majestic rally to $400,000

Bitcoin has been in a lull for more than two weeks apart from the brief rally that catapulted it to levels above $9,400 on Thursday. On the downside, the largest cryptocurrency has established support at $9,200. 

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ETC/USD buyers pop in on approach to daily SMA100

Ethereum Classic (ETC) has lost nearly 4% since the start of the day and 4.5% in the recent 24 hours to trade at $6.38 by the time of writing.

More Ethereum Classic News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP