Ripple Price Bulls Call For Reversal: Bullish Pattern Breakout Targets $0.50
- Ripple price steps above $0.24 amid renewed bullish momentum from $0.22 support.
- A falling wedge pattern signals a bullish breakout to $0.50 is in the offing.
Ripple price is fighting to escape the bear trappings that have paralyzed most cryptocurrencies this week. For the first time February, XRP/USD traded at levels close to $0.22 support. The losses come after Ripple’s price recorded impressive gains in January and a better part of February where a 2020 high has been achieved at $0.3465.
Unfortunately, the rally hit a snag as bulls were ousted leaving the bears in the driver seat. There have been attempts for recovery, however, Ripple bulls have not been able to contain the gains above several key levels such as $0.32, $0.30, $0.28 and $0.26. The dip to $0.22 allowed more buyers to enter the market but the change in sentiments is very gradual especially with fears mounting regarding the Coronavirus becoming a global pandemic.
Meanwhile, Ripple’s price is trading at $0.2416 while seeking immediate support at $0.240. The downside is also protected by the 50-day SMA currently at $0.2379.
XRP/USD daily chart
On the upside, $0.25 is the initial seller congestion zone ahead of other hurdles at $0.26, the 200-day SMA at $0.26412. The recovery from $0.22 appears to have fizzled out in terms of momentum and is reflected by the RSI’s retreat to 50 (the average). It is essential that support at $0.24 stays put, otherwise, a slide back to $0.22 is still possible.
A forming falling wedge pattern is likely to relaunch XRP back into the path targeting $0.5. However, it might take a while and even further declines towards $0.20 for such a reversal to take place.
Ripple Key Levels
Spot rate: $0.2402
Relative change: 0.00192
Percentage change: 0.81%
Trend: Bearish
Support: $0.24 and $0.22
Resistance: $0.25, $0.26 and $0.28
A falling wedge pattern signals a bullish breakout to $0.35 is in the offing.
Disclaimer
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Fri, 28 Feb 2020 04:29:41 +0000
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