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.
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.