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Ripple analysis: finding a new direction

By Nathan Batchelor

13:12, 24 June 2020

Ripple analysis

Ripple came under pressure back towards the $0.18 Hmmr I’m 00 level last week, following bearish fundamental news  crewj hasn’t BC the third-largest cryptocurrency. 

Ripple analysis shows that the bulls need to continue to defend the $0.1800 level to avoid a potential drop towards the $0.1500 area. 

Ripple medium-term price trend

Ripple is set for an important trading week ahead, after the cryptocurrency suffered a heavy decline of over five per cent last week.

Ripple technical analysis shows that the cryptocurrency needs to rally back above the $0.2100 level to turn technically bullish.

Ripple technical analysis

Technical sellers moved in on the XRP/USD pair last week after bulls repeatedly struggled to advance above the cryptocurrencies’ 200-day moving average.

The daily time frame shows that the XRP/USD pair is still trapped within a large falling wedge pattern. 

Currently the falling wedge pattern is located between the $0.1000 and $0.2500 levels.

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XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Oil - Crude

70.13 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

US100

21,082.10 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

76,528.00 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Ripple short-term price trend

Ripple technical analysis shows that the XRP/USD pair has a bearish short-term trading bias while the price trades under the $0.1970 level.

The four-hour time frame shows that the price moved towards the neckline of a large head-and-shoulders pattern last week. 

Ripple technical analysis

Currently the neckline of the bearish pattern is located around the $0.1800 resistance level. 

The size of the bearish pattern implies that the XRP/USD pair could drop by around $0.0500 if bears break under neckline support.

However, Ripple could still make a recovery, as Bitcoin, and a number of the major altcoins are starting to appear more bullish this week.

Ripple technical summary

Ripple technical analysis shows that the XRP/USD pair needs to hold above the $0.1800 level to avoid a heavy decline. The bigger picture shows that the cryptocurrency is still trapped within a large falling wedge pattern.

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