Ripple analysis: bearish below $0.2200 level
Ripple analysis highlights that price remains trapped with a large falling wedge pattern. A break from the $0.1780 to $0.2400 price range is required in the short-term.
Ripple is appearing increasingly bearish in the short term, with the third-largest cryptocurrency by market capitalisation now trading under the $0.2000 level.
Ripple analysis shows that the cryptocurrency needs to move above the $0.2200 level to attract fresh technical buying interest.
Ripple medium-term price trend
Ripple continues to track the broader cryptocurrency market, and is starting to break its positive correlation with Bitcoin’s price movements.
Ripple technical analysis shows that the cryptocurrency needs to move above the $0.2200 level to attract fresh buying interest.
The XRP/USD pair’s 200-day moving average, around the $0.2200, is the key resistance level bulls need to overcome.
Looking at the bigger picture for the XRP/USD pair, technical analysis shows that price remains trapped within a falling wedge pattern, between the $0.2800 and $0.1000 level.
It is still unclear whether the XRP/USD pair will test towards the bottom or top of the falling wedge at this stage.
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Ripple short-term price trend
Ripple technical analysis over the short term continues to show that the XRP/USD pair is bearish while the price trades below the $0.2050 level.
The four-hour time frame highlights that a bearish head-and-shoulders pattern has formed.
According to the size of the pattern the XRP/USD pair could fall by around $0.0600 over the short term if the $0.1780 support level is broken.
It is noteworthy that bulls need to move price above the $0.2400 level to invalidate the bearish pattern.
Ripple technical summary
Ripple technical analysis shows that buyers need to move price above the $0.2200 level to encourage technical buying. A break above the $0.2400 level should encourage a strong upside rally.
FURTHER READING: XRP price analysis for May 12-17