Ripple analysis: finding a new direction
13:12, 24 June 2020
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.
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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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.
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.