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.

Rajan Dhall, MSTA FX 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.

Additional levels

XRP/USD

Overview
Today last price	0.1951
Today Daily Change	0.0027
Today Daily Change %	1.40
Today daily open	0.1924

Trends
Daily SMA20	0.2036
Daily SMA50	0.1998
Daily SMA100	0.204
Daily SMA200	0.2185

Levels
Previous Daily High	0.2012
Previous Daily Low	0.1923
Previous Weekly High	0.208
Previous Weekly Low	0.1891
Previous Monthly High	0.2358
Previous Monthly Low	0.1684
Daily Fibonacci 38.2%	0.1957
Daily Fibonacci 61.8%	0.1978
Daily Pivot Point S1	0.1894
Daily Pivot Point S2	0.1864
Daily Pivot Point S3	0.1805
Daily Pivot Point R1	0.1983
Daily Pivot Point R2	0.2043
Daily Pivot Point R3	0.2073

Author

Rajan Dhall, MSTA

FX Daily

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

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