- Summary:
- Unlike the major currencies, ripple price has yet to enjoy the bullish effects of a weaker US dollar in today’s Asian session trading.
Unlike the major currencies, ripple price has yet to enjoy the bullish effects of a weaker US dollar in today’s trading. As of this writing, XRPUSD is trading 0.12% below its opening price at $0.1922.
A closer look at the daily time frame also shows that ripple price is trading around the neckline of what looks like a head and shoulders chart pattern. Characterized by lower highs after a series of higher highs, this is widely considered as a bearish reversal indicator. A strong bearish close below the neckline support at $0.1818 could mean that XRPUSD could soon fall to its near-term support at $0.1386.
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On the 4-hour time frame, it can be seen that any immediate upward movement on ripple price may be limited around $0.1965. This price offers a confluence of resistance. For one, it coincides with the falling trendline when you connect the highs of June 2, June 9, and June 11. It also aligns with the 61.8% Fib level when you draw the Fibonacci retracement tool from the high of June 10 to the low of June 15.
However, it’s worth noting that a strong bullish close above this price could invalidate the near-term resistance. Consequently, it could indicate that there are still enough buyers in the market. Should this happen, we could soon see ripple price retest its June 9 highs at $0.2054.