Ripple [XRP] Price Prediction Today: Falling Wedge Pattern Breakout Loses Steam at 100 SMA

XRP Price prediction
Source: TradingView

Ripple [XRP] Price Prediction Today: Falling Wedge Pattern Breakout Loses Steam at 100 SMA

  • XRP/USD technical level is still intact in spite of the correction from the intraday high.
  • Ripple must correct above $0.3500 supply zone in order to escape the range resistance.

Ripple recently found support $0.3149 at the end of the consolidation phase last week. An upward correction ensued from the level breaking above the 100 simple moving average (SMA) 1-hour. This spiked more gains above the resistance at $0.3350 while additional gains brushed shoulders with $0.3500 but the trend culminated in yet another slide below the 100 SMA.

XRP Price Prediction
XRP/USD 1 hr Chart Source: TradingView

Falling Wedge Pattern Formation

The decline from the high at $0.3500 slipped below $0.3200 support completing the formation of a falling wedge pattern. This is considered as a bullish reversal pattern in technical analysis. A breakout above the wedge resistance on Monday sent XRP/USD in an engulfing candle past $0.3250 hurdle. The price tested 100 SMA 1-hour resistance, however, a retracement occurred marginally below $0.3350.

Know More: Ripple Price Prediction for 2019 and 2020

Ripple Short-term Outlook

A look at the chart shows that XRP/USD technical level is still intact in spite of the correction from the intraday high. The moving average convergence divergence (MACD) is almost crossing into the positive region. Besides, the increasing divergence shows that the trend is in favor of the bulls who currently are battling the 100 SMA 1-hour resistance.

The relative strength index (RSI) in the same range has recovered incredibly from the lows around 20.17 recorded on April 21. The surgeon Monday has seen it touch the oversold (70.00) before retracing to 61.10. A direction change of the signal to the upside shows that the buyers are gaining traction and could push the price above $0.3350 in the coming sessions.

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The initial support has been established at $0.3200. If the sellers happen to clear this zone, second support lies at $0.3149 (last week’s support). Extended declines could test $0.3100 as well as $0.3000 (key support).

Ripple Price Key Technical Indicators:

MACD 1-hour: +0.0001229.

RSI 1-hour: 56.87.

100 SMA 1-hour: $0.3348.

Support 1: $0.3250.

Support 2: $0.3200.

Support 3: $0.3149 (previous week support).

Resistance 1: $0.3350 (Intraday high).

Resistance 2: $0.3400.

Resistance 3: $0.3500 (supply zone).

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Ripple [XRP] Price Prediction Today: Falling Wedge Pattern Breakout Loses Steam at 100 SMA
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Ripple [XRP] Price Prediction Today: Falling Wedge Pattern Breakout Loses Steam at 100 SMA
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XRP/USD technical level is still intact in spite of the correction from the intraday high. Ripple must correct above $0.3500 supply zone in order to escape the range resistance.
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Author: John Isige

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 233 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

Follow John @