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

ChainLink Price Analysis: LINK sees a 23% price bounce and it’s eying up $10

ChainLink has established a robust daily downtrend with bulls unable to come back. The digital asset is still up almost 500% since its 2020-low at $1.51. 

More Chainlink News

Top 3 Coins Price Prediction Bitcoin, Ethereum and XRP: Bulls hold at threshold, ready for takeoff

The cryptocurrency market has had an eventful week, with most actions resulting in losses. The bleeding was not selective; hence major cryptos, altcoins and decentralized finance (DeFi) tokens explored levels below key support areas.

More Bitcoin News

Central Banks move to crypto in the effort to retain control over the monetary system

Central bankers worldwide have started to realize that the era of fiat is coming to an end. Digitalization is the future, and the process of digitalization is infiltrating all spheres of life, including money.

More Crypto News

Bitcoin is allergic to the US presidential elections and immune to the COVID-19 vaccine

Over a week ago, the author of Rich dad, poor dad, Robert Kiyosaki, said that Bitcoin would crash when a COVID 19 vaccine would be approved. Many people caught up the narrative, based on the assumption that Bitcoin is used as a safe-have asst and would go don once the market sentiments improve. 

More BTCNews

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP