Ripple XRP Price Analysis: XRP forms a bearish head and shoulders pattern
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- XRP trades 1.4% higher lagging behind some of the other major coins.
- There is now a bearish head and shoulders pattern to look out for.
XRP/USD 4-hour chart
Ripple has pushed higher on Monday but overall looks bearish. The 4-hour chart below shows quite a large head and shoulders pattern but the neckline is quite far away from the current price level.
A break of 0.1800 will be a confirmation signal that the price is heading lower but the psychological level has held firm a few times in the past. Crucially, the price is trading below the 200 Simple Moving Average and the Relative Strength Index indicator has moved below the 50 mid-line. Lastly, the volume is still looking thin and it would be good to see a pick up in interest.
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Additional levels
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