- Summary:
- The head and shoulders chart pattern on ripple price still looks intact. XRPUSD looks like it could soon break the rising trend line. Is it time to sell?
Head and Shoulders Still Intact on XRPUSD
The head and shoulders pattern on ripple price (XRPUSD) still looks intact. On the 4-hour time frame, we can see that the cryptocurrency has not yet closed below support at the neckline around $0.2300. It currently looks like it is testing support at the rising trend line (from connecting the lows of January 3, January 10, January 13, January 20, and January 21). However, I would not get carried away selling ripple just yet.
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Symmetrical Triangle on H1
On the 1-hour chart, you can see that a symmetrical triangle materialized. This chart pattern is considered as a neutral indicator. The lower highs and higher lows suggest that buyers and sellers are equally matched against each other. An upside break or a bullish close above yesterday’s high at $0.2393 could mean that there may be enough buyers to push ripple price to its recent highs at $0.2500. On the other hand, a bearish close below the low of January 21 at $0.2285 will effectively break support at the neckline and trend line. It could suggest that ripple price is headed to its January 16 low at $0.2224.