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
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
