- Ripple XRP Forms a Bearish Pattern on the charts as Head and Shoulders Pattern at the Falling Wedge
- Ripple XRP Maintains the Support at $0.2000 But the Bulls Aren’t Putting Pressure in the Market
Ripple News Today – Since the end of April, Ripple XRP has been trading at the mercy of the bears. On some occasions, the token traded in green but the bears still had overall country over the market. A few days ago, the price of XRP managed to move above the $0.1900 level forming strong support at $0.2000. Yesterday, we predicted that the XRP token was going to face lower lows if it is unable to hold the support at $0.2000. This morning, the chances of hitting lower lows became even more intense as a heads and shoulders pattern at the falling wedge.
XRP (XRP) Price Today – XRP / USD
Ripple News Today – Ripple XRP Forms a Heads and Shoulders Pattern So Lower Lows May Be the Way
In the beginning of trading today, the heads and shoulder pattern appeared. Two small peaks and small troughs appear on the chart. The peaks are set apart by the troughs and crowned by one large spike in the middle. These peaks and troughs correspond to the right shoulder, left shoulder and the head thus forming the head and shoulder pattern. If the bulls don’t show up in the market soon, there is a chance that the token will fall below the support at the $0.2000 level leading to lower lows short-term.
At the time of writing, the price of the XRP token was $0.204657. This means that it is up by 0.50% against the USD and down by 0.56% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $1,938,395,307 and the market capitalization is $9,028,025,678. The immediate resistance is at $0.2100. If the token can move above this level, the next resistance will be at $0.2200 and there will be another one at $0.02400. XRP has been unable to move above this resistance for months since it fell below the $0.3000 level. At the same time of writing, the token has found multiple supports as well. Losing the immediate support and the others that follow might lead the token to fall as low as $0.1500 again. The next few days of trading will determine if the bears will rule the market or not. Bitcoin and other cryptocurrencies are also relatively stable against the USD at this time.