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Ripple (XRP) Watch Price: inverted head and shoulders

Main features of Ripple Price

  • Ripple could be done with its sled as it forms an inverted inversion of the head and shoulders on the 4-hour chart.
  • A break above the neckline could confirm that an upward trend of the same height as the graph's formation could be in progress.
  • However, technical indicators still reflect the presence of sales pressure.

The ripple may be due to an inversion from its slide as a reversed head and the shoulders can be seen in the 4-hour time frame.

Technical indicators

The 100 SMA is below the 200 long-term SMA to signal that the path of least resistance is downward. In other words, the downward trend is more likely to resume rather than reverse. The price is trading slightly above the 100 SMA dynamic inflection point to reflect a bit of bullish pressure, but it could still hit a roadblock at the 200 SMA.

In that case, Ripple could still retreat to lows around 0.3800 or less. A break beyond the neckline, on the other hand, could stimulate a rally of about 0.1000 in height or the same dimensions as the inversion formation.

Stochastic is pointing down, however, indicating that sellers are coming back without even seeing conditions of overbought. RSI is also moving south, so Ripple could follow the lead while the downward momentum is in play.

XRP / USD chart from TradingView

XRP / USD chart from TradingView

Ripple has much to expect, however, as market observers are focusing on a previous interview with senior vice president of product management Asheesh Birla. He suggested that banks on xCurrent may want to update xRapid at some point, noting:

"To implement something for Standard Chartered, Santander or Bank of America, our solution needs to scale up to hundreds of thousands of transactions per second – this was in design right from the start."

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