Ripple Price Analysis: Will the price move higher after the chart pattern break?
- Ripple is trading just above flat on Wednesday as sentiment remains mixed.
- There has been a break of the chart pattern but no real follow-through as of yet.
XRP/USD 4-hour chart
The Ripple chart below still looks like a bullish one despite some small signals the price could pull back further. The overall trend is up but there has been a lower high and only a break of the red trendline will confirm a change in trend to make a lower high lower low wave pattern.
The price is still trading above the 55 and 200 moving averages which is a bullish sign. The price has used the 55 exponential moving average as a support zone a few times so keep an eye n that moving forward. The relative strength index indicator is holding just above the 50 mid-line and has room to move higher.
Above all this, the key is still the retest of the pattern. If this retest holds the price could go on the retest the high of 0.2357 which was printed on Monday.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
