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Ripple XRP Price Analysis: XRP forms a bearish head and shoulders pattern

  • XRP trades 1.4% higher lagging behind some of the other major coins.
  • There is now a bearish head and shoulders pattern to look out for.
Ripple XRP Price Analysis: XRP forms a bearish head and shoulders pattern
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XRP/USD 4-hour chart

Ripple has pushed higher on Monday but overall looks bearish. The 4-hour chart below shows quite a large head and shoulders pattern but the neckline is quite far away from the current price level.

A break of 0.1800 will be a confirmation signal that the price is heading lower but the psychological level has held firm a few times in the past. Crucially, the price is trading below the 200 Simple Moving Average and the Relative Strength Index indicator has moved below the 50 mid-line. Lastly, the volume is still looking thin and it would be good to see a pick up in interest.

XRP head and shoulders pattern

Additional levels

XRP/USD

Overview
Today last price0.1951
Today Daily Change0.0027
Today Daily Change %1.40
Today daily open0.1924
 
Trends
Daily SMA200.2036
Daily SMA500.1998
Daily SMA1000.204
Daily SMA2000.2185
 
Levels
Previous Daily High0.2012
Previous Daily Low0.1923
Previous Weekly High0.208
Previous Weekly Low0.1891
Previous Monthly High0.2358
Previous Monthly Low0.1684
Daily Fibonacci 38.2%0.1957
Daily Fibonacci 61.8%0.1978
Daily Pivot Point S10.1894
Daily Pivot Point S20.1864
Daily Pivot Point S30.1805
Daily Pivot Point R10.1983
Daily Pivot Point R20.2043
Daily Pivot Point R30.2073

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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