Ripple XRPUSD
On the daily time frame, we can see that the sell-off on ripple price on March 8 was enough for the head and shoulders pattern on the cryptocurrency to be completed. XRPUSD broke the neckline support which was around $0.2240. If sellers continue to dominate trading, ripple price may soon fall to its December 17 lows around $0.1800.
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The 4-hour time frame suggests that sellers may only be taking a pause. After the sharp drop on XRPUSD, it spent the last few hours of trading in a consolidation. Consequently, a bearish flag chart pattern has formed. In forex trading, this is considered as a bearish continuation pattern. A close below the low of March 9 at $0.1977 could mean that ripple price is headed to the major support level I pointed out on the daily time frame.
On the other hand, a bullish close above yesterday’s high at $0.2117 would invalidate this bearish chart pattern. Instead, it would suggest some buying pressure in the market. XRPUSD may then trade higher to the confluence of resistance around the $0.2300 psychological handle. For one, this price coincides with the 61.8% Fib level when you draw the Fibonacci retracement tool from the high of March 6 to yesterday’s low. This price also coincides with previous lows on XRPUSD.