Ripple analysis: watching multiple wedge patterns
Ripple analysis indicates that price is trading within multiple wedge patterns. A strong directional move will take place once the $0.1600 to $0.2750 price range is broken.
0'>Ripple is searching for direction ahead of the upcoming Bitcoin halving event, as the third-largest cryptocurrency struggles to overcome its 200-day moving average.
Ripple analysis shows that the cryptocurrency is trapped within wedge patterns on both the higher and lower time frames.
Ripple medium-term price trend
Ripple has recently found strong technical resistance from the $0.2350 level as the cryptocurrency searches for direction over the medium-term.
The XRP/USD pair also suffered multiple upside rejections from its trend defining 200-day moving average.
Ripple technical analysis shows that the cryptocurrency is trapped within a large falling wedge pattern on the daily time frame.
The daily time frame shows that a falling wedge pattern is present, with the top of the wedge located around the $0.2750 level.
If bulls overcome the pair’s 200-day moving average, it is possible that the cryptocurrency could rally towards the $0.2750 level.
Failure from current levels could see the cryptocurrency falling back towards the bottom of the wedge pattern, around the $0.1600 level.
Ripple short-term price trend
0'>Ripple technical analysis over the short-term shows that the cryptocurrency is bullish while price trades above the $0.1950 level.
The four-hour time frame currently shows that the cryptocurrency is trapped within a falling wedge pattern.
A bullish wedge breakout will occur if buyers move price above the $0.2200 level. If this scenario occurs it is likely that buyers may move price back towards the April monthly high.
Traders that are bearish towards the cryptocurrency may wait for the cryptocurrency to move under the wedge, around the $0.2080 level.
According to the size of the wedge pattern, a bearish wedge breakout could see the XRP/USD pair falling towards the $0.1600 area.
Ripple technical summary
Ripple technical analysis shows that the cryptocurrency is trapped within wedge patterns across both the lower and higher time frames. The $0.1600 level offers strong technical support.