CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Ripple analysis: watching bullish flag pattern

By Nathan Batchelor

14:37, 23 July 2020

Ripple analysis

Ripple has staged a solid recovery back towards the $0.20 level, as bullish tones sweep through the broader cryptocurrency.

Ripple analysis highlights that a breakout from a bullish flag pattern could see the XRP/USD pair rally towards the $0.22 level.

Ripple medium-term price trend

Ripple has started to trade back towards the psychological $0.20 level, after sellers failed to breach the technically important $0.17 support level.

Ripple technical analysis shows that medium-term bulls need to break the $0.23 level to encourage a major upside breakout.

Ripple technical analysis

The daily time frame shows that a bearish head and shoulders pattern, with a $0.06 target downside is still valid.

If bulls move price above the $0.23 resistance level, then the bearish pattern will be invalidated, and the XRP/USD pair could rally towards the $0.29 area.

If the bearish pattern is not invalidated, weakness below the $0.17 level is required to fully activate the bearish pattern. 

What is your sentiment on EA?

168.11
Bullish
or
Bearish
Vote to see Traders sentiment!

Gold

2,688.10 Price
+0.710% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee 0.0092%
Overnight fee time 22:00 (UTC)
Spread 0.30

XRP/USD

1.38 Price
+16.250% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

99,006.20 Price
+0.890% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

US100

20,727.20 Price
+0.100% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

Ripple short-term price trend

Ripple technical analysis over the short-term shows that the cryptocurrency is only bullish while price trades above the $0.19 level.

The four-hour time frame shows that the XRP/USD pair is trading within a bullish flag pattern between the $0.18 and $0.20 level.

Ripple technical analysis

According to the size of the pattern, the XRP/USD pair could rally towards the $0.22 level.

Traders should note that if the $0.18 support level is broken, then the XRP/USD pair could fall towards the $0.16 level.

Ripple technical summary

Ripple technical analysis highlights that a bullish breakout from a flag pattern is close to taking place. Bulls need to break the $0.23 for further strong gains.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading