Ripple analysis: head-and-shoulders pattern in focus
Ripple analysis highlights that the cryptocurrency could rally towards the $0.2800 level over the medium-term. A bearish head and shoulders pattern remains the central focus over the near-term.
Ripple is holding above the $0.2000 level as the broader cryptocurrency market consolidates after Bitcoin’s recent halving event.
Ripple analysis shows that the cryptocurrency needs to invalidate a bearish head-and-shoulders pattern on the lower time frames.
Ripple medium-term price trend
Ripple remains trapped below its 200-day moving average as buyers struggle to regain the upside momentum from last month.
Ripple technical analysis shows that the cryptocurrency is trapped inside a large falling wedge pattern on the daily time frame.It is possible that if the price starts to firm above the XRP/USD pair’s 200-day moving average then the price could rally towards the top of the falling wedge.
Looking more closely at the pattern, the falling wedge is located between the $0.2800 and $0.1000 level.
Key medium-term resistance above the $0.2150 level is located at the $0.2380 and $0.2550 levels.
Ripple short-term price trend
Ripple technical analysis over the short term shows that the cryptocurrency is bearish while the price trades below the $0.2050 level.
The four-hour time frame shows that a bearish head-and-shoulders pattern remains the central focus for XRP/USD traders over the short term.
Looking more closely at the bearish pattern, the neckline of the pattern is found around the $0.1780 level.
Traders should note that if the bearish head-and-shoulders pattern is triggered then a decline towards the $0.1200 level could take place.
If the bearish pattern is invalidated, then the XRP/USD pair could rally towards the $0.2800 level.
Ripple technical summary
Ripple technical analysis shows that the cryptocurrency needs to move its price above its 200-day moving average to encourage fresh technical buying. The $0.1200 level is seen as a viable bearish target.