Ripple price analysis: XRP/USD trading a falling wedge pattern; Charlie Lee compares XRP to Diamond

Ripple, like most of the coins and altcoins, is recording slight losses on the day. Ripple price tested but failed to break the resistance at $0.47 leading to declines that broke the support at $0.460 - $0.450. XRP/USD is currently testing the 23.6% Fib level support taken between the highs of $0.52 and $0.42 lows support at $0.446.

During the declines, the price broke the 100 simple moving average support at $0.457 on the 2-hour chart. On the upside, the 200 simple moving average is a dynamic inflection position at $0.462. The level will allow Ripple to gain momentum towards the key resistance at $0.470. In the meantime, Ripple price is trading within a tiny range; the 23.6% Fib support and $0.455 upper limit (short-term).

The price is also trading a classic falling wedge pattern with support at $0.4298 and a trendline resistance that coincides with the 38.2% Fibo between the moving averages. A breakout is in the pipeline in the short-term. XRP/USD is, however, likely to test the support at $0.440 before bouncing into a breakout towards $0.470 and $0.50 in the medium-term.

While talking to a Chinese media, Jinse.com, Litecoin founder Charlie Lee shared his thoughts on Bitcoin, Litecoin as well as Ripple. As reported by Ethereum World News, Charlie Lee compared Bitcoin to Gold, Litecoin to Silver and Ripple to Diamond. In this case, Lee says that the centralized nature of XRP makes it comparable to Diamond. Lee states:

“There are many possibilities (of finding and altcoin to resemble value), but Ripple is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising … If you want to buy a Ripple for marriage, it is very valuable, haha!”

XRP/USD 2-hour chart