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

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  • 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

 

Summary

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

Article Name

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

Description

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.

Author

John Isige

Publisher Name

Coingape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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