- Ripple technical levels flash negative signals following rejection at $0.24.
- The Rising wedge pattern suggests that a dive to $0.0.2150 is possible in the near term.
Ripple is quickly turning the bullish trend experience from last weekend bearish. The recovery from laws slightly under $0.2150, XRP bulls pushed for gains breaking numerous barriers to the upside. The most recent milestone was the jump above $0.24, which revived the hope that investors will soon see new 2020 peaks. However, just as fast as Ripple jumped above $0.24, it is reversing the gains in the same momentum.
At the time of writing, XRP is trading at $0.2376 after losing 0.80% of its value on the day. The European session has been characterized by increased selling activity. Similarly, I expect the American session to record more losses towards the support areas at $0.23 and $0.2150, respectively.
XRP/USD 1-hour chart
The Rising Wedge Pattern
The recovery has also been narrowing into rising wedge pattern especially with XRP posting higher highs and higher lows. With the current trading almost at the apex of the pattern, XRP risks plunging past several support areas before the bulls find balance.
Other technical indicators such as the Relative Strength Index (RSI) do confirm the growing bearish grip. For instance, the indicator is in the middle of a downward slope and seems unstoppable at 50. If the movement continues towards 30, that would be an opportunity for investors to ‘buy the dip.’ Similar bearish signals can also be seen with the Moving Average Convergence Divergence (MACD).
XRP/USD Key Levels
Spot rate: $0.2369
Relative change: -0.00232
Percentage change: -0.97%
Support $0.23 and $0.22, $0.2150
Resistance: $0.24 and $0.25
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