Ripple Rising Wedge Pattern Threatens Return To $0.14

Тема в разделе "English", создана пользователем Trading Ideas, 27 мар 2020.

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    Ripple Rising Wedge Pattern Threatens Return To $0.14
    XRP / Dollar BITFINEX:XRPUSD
    CoinGape
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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.

    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
     
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