Home Ripple Technical Analysis: XRP/USD eyes are on a potential head and shoulders formation, which could be devastating for the price
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Ripple Technical Analysis: XRP/USD eyes are on a potential head and shoulders formation, which could be devastating for the price

  • Ripple price on Friday was seen nursing some losses of over 2%, as the mid $0.50 region proves to be troublesome.
  • Despite that XRP/USD  is within negative territory, the price is being supported by an ascending trend line.
  • On the 30-minute chart, a head and shoulders pattern formation can be seen, with the left shoulder and head already taken shape.

 

XRP/USD 30-minute chart

 

Spot rate:                                     0.5465

Relative change:               -2.00%

High:                                                       0.5600

Low:                                                       0.5389

 

Trend:                                                   Bearish

 

 

Support 1:                                 0.5405, 100MA.

Support 2:                                   0.5385, ascending trend line / H&S neckline.

Support 3:                                   0.5197, (support on 30-minute chart).

Resistance 1:                        0.5490, 50MA.

Resistance 2:                        0.5600, supply zone.    

Resistance 3:                        0.5684, 14th June high.  

 

 

 

 

 

 

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