- Ripple trades 1% higher on Tuesday in a lacklustre session in the crypto sphere.
- The hourly chart has now consolidated for a while and the price has moved into a large triangle pattern.
XRP/USD 1-hour chart
Ripple is now in a serious consolidation pattern after the large price fall. Since February 15th the XRP/USD price has fallen 52% from 0.34.78 to 0.1611 today. Ripple bulls can’t be too happy with that kind of a performance but the price has bounce off the 0.1105 low on 13th March. It’s fair to say on the higher timeframes the pair is still in a firm downtrend.
Looking at the 1-hour timeframe now then, there are some bullish signals. The price is trading above both 55 and 200 moving averages. The pair also continues to make higher lows. The main issue still remains the resistance just above 0.17. As the trend on the higher timeframe is still down, a break lower would be the preferred scenario for short trades.
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