Search ForexCrunch
  • False inverted H&S breakout on short term chart.
  • Breaks down below neckline.

Ripple, the payments solution cryptocurrency, had given a breakout of an inverted head and shoulders pattern but only to give back the gains immediately after the breakout, resulting into a false breakout. If that wasn’t enough to dent bulls’ confidence, it also broke down of the neckline support.

XRP/USD is down more than 1 percent on day at $0.4510 in Sunday trading and is near the low point of the day. On the 30-minute chart, XRP had earlier given a breakout of the inverted H&S pattern at around $0.4553 which didn’t last long and in the next one hour it gave up all the gains of breakout.

XRP has also broken down of the critical neckline support of the inverted H&S and now sitting just below the neckline support of $0.4521. Chances are it may even fall below the psychologically important mark of $0.4500 all the way towards $0.4480.

XRP/USD 30-minute chart: