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Ripple Technical Analysis: XRP/USD double-top pattern spotted as Ripple plummets under $0.30

  • Ripple plunges from the resistance at $0.3250 on the impact of a double-top pattern.
  • XRP/USD is likely to hold onto short term support at $0.29 ahead of another breakout above $0.30.

Ripple had reclaimed the ground above $0.30 on Monday this week. The impressive price action even tested the resistance XRP had hit in the first week of August at $0.3250. Moreover, the move renewed the hope of seeing XRP/USD trade not only above $0.35 but also closer to $0.40.

Consequently, the resistance at $0.3250 led to the formation of a double-top pattern. The impact of the pattern seems to have ignited a selloff with XRP sharply diving to levels below $0.30. The third-largest cryptoasset has lost over 4% of its value less than an hour.

In addition, losses have extended under the moving averages. The 50 SMA and the 100 SMA are likely to function as resistance levels in case of a reversal eying gains above $0.30. XRP is trading at $0.2921 after testing lower price levels around $0.2861.

The RSI is almost hitting the oversold area while the MACD puts emphasis on the heightened bearish grip with its fall from highs of 0.00646 on Wednesday to the mean line (0.00). Looking at the RSI, XRP is likely to hold above $0.29 in the near term because the indicator appears to have slowed down the momentum. Consolidation is expected above this same level and will give ample time to plan for yet another attack on $0.30 and $0.3250 resistances respectively.

XRP/USD 4-hour chart

xrp/usd price chart

Author

John Isige

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

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