Ripple Price Gets Rejected at Trendline Resistance; What Can We Expect Next?

Gains on ripple price continue to be limited. As of this writing, the cryptocurrency is down by around 0.94% as it trades at $0.1911. 

The 4-hour time frame reveals that XRPUSD is currently testing a critical resistance. When you connect the highs of June 2 and June 10, it can be seen that ripple price has recently gotten rejected at the falling trendline around $0.1950. The inability of the cryptocurrency to close above the trendline could indicate that there are still sellers in the market. With this, ripple price could soon fall to near-term support at $0.1818 where it bottomed on June 15. If support at that price does not hold, the next floor could be at $0.1619 where XRPUSD found support on March 30.

Download our Q2 Market Global Market Outlook

On the more bullish side of things, it can be seen that ripple price has recently made higher lows after a series of lower lows. Consequently, an inverse head and shoulders pattern has formed. When you enroll in our free forex trading course, you will learn that this is considered a bullish reversal indicator.

A strong close above $0.1950 could mean that resistance at the falling trendline and the neckline resistance has been invalidated. With that, it could trigger a potential rally to $0.1994 where XRPUSD could test the 100 SMA and 200 SMA. If resistance at that price does not hold, the cryptocurrency could even go as high up as its June 4 highs at $0.2032.

Don’t miss a beat! Follow us on Telegram and Twitter.

More content