Trading on ripple price has been limited for the past few trading days between support at $0.1735 and resistance at $0.1795. However, despite this lackluster price action, technicals suggest that XRPUSD may soon trade higher.
As of this writing, ripple price has been trading around $0.1770. With this, the cryptocurrency seems to be trading above a trendline that becomes apparent when you connect the highs of June 2, June 17, June 23, June 26, and July 3. When you enroll in our free forex trading course, you will learn that a trendline break often means that there could be enough buyers in the market. If this turns out to be true, we could soon see ripple price rally to $0.1900 where it may retest the highs of June 23. If resistance at this level does not hold, the next ceiling could be at $0.2135 where XRPUSD topped on June 1.
On the other hand, it’s worth pointing out that because the consolidation on ripple price occurred after a sharp sell-off, a bearish flag chart pattern has formed. This is widely considered as a bearish continuation indicator. A strong close below the low of July 2 at $0.1721 could mean that we may soon see XRPUSD fall to its June lows at $0.1691. If support at that price does not hold, the next floor could be at $0.1385 where the cryptocurrency found support on March 12.