Ripple Price Majestically Steps Above $0.1745 But This Rising Wedge Pattern Threatens Return To $0.1400

Published March 27, 2020 | Updated March 27, 2020

Siam Commercial Bank (SCB) and Ripple
Siam Commercial Bank (SCB) and Ripple

Ripple Price Majestically Steps Above $0.1745 But This Rising Wedge Pattern Threatens Return To $0.1400

  • Ripple price could easily sail above the psychological $0.2000 resistance if the hurdle at $0.1800 is shattered.
  • A cloud of negative selling pressure hovers due to a possible rising wedge pattern breakout that could force XRP/USD back to $0.14 support.

Ripple price impressive 8% gain in the last 24 hours eventually managed to keep sellers at bay long enough to clear the resistance at $0.1700 as well as the seller congestion at $0.1745. At the time of writing XRP/USD is teetering at $0.1746 amid a building bearish momentum. The immediate upside is facing resistance at the rising wedge pattern. If the hurdle at $0.1800 remains unconquered, there’s a likelihood that selling activity will take precedence, sending Ripple price back to the former consolidation zone at $0.1600.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

From a technical perspective, the prevailing trend is bearish. In other words, the path of least resistance is to the south. Emphasizing this downtrend is the downward slopping Relative Strength Index (RSI). The indicator has formed a higher high pattern since the dip on March 12 when XRP tested the support at $0.1000. If the retreat extends towards (50 (the average), selling pressure is bound to grow and XRP/USD decline would be unstoppable at $0.1700 and $0.1600.

At the same time, buyers have a task to ensure that losses do not extend beneath the rising wedge pattern; such a move could trigger more declines under the major support at $0.1500 – $0.1400. However, with the 50 SMA on the 4-hour chart crossing above the 100 SMA, buyers are encouraged to join the market. A break above the resistance at $0.1800 is what the buyers need to boost the price past the psychological $0.2000 hurdle.

Ripple Key Levels

Spot rate: $0.17457

Relative change: -0.00217

Percentage change: -1.39%

Trend: Short bearish bias

Volatility: Expanding

 

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 1001 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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