Ripple Technical Analysis: XRP/USD eyes are on a potential head and shoulders formation, which could be devastating for the price

Ripple price on Friday was seen nursing some losses of over 2%, as the mid $0.50 region proves to be troublesome.
Despite that XRP/USD is within negative territory, the price is being supported by an ascending trend line.
On the 30-minute chart, a head and shoulders pattern formation can be seen, with the left shoulder and head already taken shape.

Ken Chigbo Independent Analyst

XRP/USD 30-minute chart

Spot rate: 0.5465

Relative change: -2.00%

High: 0.5600

Low: 0.5389

Trend: Bearish

Support 1: 0.5405, 100MA.

Support 2: 0.5385, ascending trend line / H&S neckline.

Support 3: 0.5197, (support on 30-minute chart).

Resistance 1: 0.5490, 50MA.

Resistance 2: 0.5600, supply zone.

Resistance 3: 0.5684, 14th June high.

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.

Ripple eyes short-term bullish turn as investor demand returns

Ripple exhibits strong recovery prospects, trading above $1.10 on Friday. This rebound aligns with the broader crypto market and can be attributed to easing geopolitical tensions in the Middle East and growing appetite for risk assets.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

Bitcoin Weekly Forecast: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin recovers to $61,800 on Friday after falling to a 21-month low of $57,800. US-listed spot ETFs recorded outflows of $526.64 million through Thursday, pointing to the eighth consecutive week of withdrawals.

Pi Network posts minor gains amid easing risk-off market sentiment

Pi Network (PI) shows minor recovery on Friday, a slow follow-through of the 2% rebound from the previous day. The recovery in PI aligns with the easing broader market risk-off sentiment, fueling speculative interest in the token.

Bitcoin: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week. Institutional selling continued, with spot Exchange Traded Funds (ETFs) recording net outflows of over $520 million through Thursday, pointing to the eighth consecutive week of withdrawals.