Ripple technical analysis: XRP/USD narrowing towards a bearish triangle breakdown

0
  • Selling activity continues to force Ripple against critical support areas at $0.25 and $0.24 respectively.
  • Impending breakout due to the descending triangle pattern breakdown becomes apparent with every negative stride.

Spot rate: $0.2521

Relative Change: -0.003515

Open: $0.2554

High: $0.2561

Low: $0.2520

Trend: Bullish

XRP/USD 4-hour chart

Ripple’s upside is limited by the simple moving averages (50 SMA 4-hours and 100 SMA 4-hours) marginally below $0.26 (seller congestion zone).

The Relative Strength Index and the Moving Average Convergence Divergence signal a growing bearish momentum.

XRP/USD daily chart

Premature falling wedge pattern breakout fails to catch momentum to clear $0.2750 resistance.

Ripple price still searching for a bottom to reverse this current downtrend.

 

Get the 5 most predictable currency pairs

About Author