Ripple price analysis: XRP/USD respects the falling wedge, current price action indicating a chunky move is pending

Ripple holding modest gains of 0.5%, as price continues to move within a falling wedge pattern.
Resistance is proving to be stubborn at 0.49, support seen at $0.45 and $0.40.

Ken Chigbo Independent Analyst

The Ripple price is seen up very marginally by 0.5% on Tuesday, as the price continues to respect a descending wedge pattern, but current movement indicating a decent move is looming. Market across the board has been overall flat during this session.

Since the start of March, which saw XRP/USD back above $1.00, before quickly losing ground and giving up that level, Ripple has really struggled to find is feet again. Within the past month, the price has fallen over 55%.

XRP/USD on the 4-hour time frame, can see a falling wedge pattern, which the price is moving within, repeatedly being unable to break above the upper trend line. Resistance is currently tracking at $0.49, proving to be stubborn indeed. Support is seen at $0.45 and $0.40.

XRP/USD 4-hour chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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