Today’s crypto watch comes from the XRPUSD pairing, where we can see that the daily chart shows an interesting setup. Ripple has been on the wrong end of price action and has found the going really tough in terms of getting any upside price movements. However, the recent price pattern on the daily chart may give some glimmer of hope to Ripple price enthusiasts who are hoping for some kind of recovery.
Ripple price (XRPUSD) traded 0.5% lower in today’s session, thus extending its weakness for the 5th straight day, although recent technical parameters may seem to suggest that the slide may be at an end. However, the pair seems to be forming a hammer at the lower trend line of the ascending triangle which encapsulates recent price action.
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Price is expected to recover within the triangle towards the upper border, which is at the 0.23548 previous resistance level formed by the previous lows of August 14 as well as lows of Sept 27/29/30. A break above this level will confirm the triangle as a rare case of a bottoming pattern, which could cause price to target the next resistance at 0.24834. Further resistance lies at 0.28408. However, this target will only be reached if there is a significant change in sentiment to drive Ripple price upwards.
On the flip side, a breakdown of the present ascending support line of the ascending triangle will negate the pattern and open the door to attainment of previous all-time lows at 0.2000.
The chart shows the various patterns that have occurred over time, for educational purposes only.