- Ripple’s short-lived recovery brushes shoulders with $0.25 and upholds the support at $0.24.
- The spotted rising wedge pattern signals a near future reversal towards $0.20.
Ripple is back in the green after correcting a higher 2% on Sunday. The weekend session started on a bearish note, where the majority of cryptocurrencies trimmed a fraction of the gains made on Friday. However, the situation is different on Sunday with most of the digital assets pushing for recovery.
The third-largest cryptocurrency on the opened the session at $0.2428 and adjusted northwards to $0.2514. The bullish action the day seems to be losing steam amid the shrinking volatility.
Technically, Ripple is ready for more action, targeting $0.30. The Relative Strength Index recovery from average levels around 50 to brushing shoulders with the overbought (70) displays a bullish picture for Ripple. If the upward motion continues above $70, it will encourage the buyers to increase the entries in the market and force gains towards $0.30.
Longer-term analysis shows that Ripple is not safe from losses or a devastating reversal. Especially with the rising wedge pattern information. For starters, the bulls must try to defend the immediate support at $0.24. Moreover, they must guard the pattern support trendline at all costs because a break beneath could encourage the bears to increase their entries, which could further push Ripple in the direction of $0.22.
XRP/USD 4-hour chart
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