After the surge on ripple price yesterday brought about by news that a partnership between the National Bank of Egypt and RippleNet, XRPUSD consolidated. The cryptocurrency has been consolidating around the $0.3200 handle.
On the 4-hour time frame, we can see that ripple price has some room to trade lower and still maintain its uptrend. By connecting the lows of January 24, January 25, February 2, and February 11, we can see that there is trend line support around $0.2885. This price also coincides with the 61.8% Fib level (when you draw the February 11 to February 13) and served as a resistance level in the past.
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Ripple Price Chart, 4-hour
A closer look at the 1-hour chart, we can see that a double top chart pattern has formed. This suggests that XRPUSD may trade lower soon. A break below the neckline support at $0.3102 could trigger a drop to the rising trend line on the 4-hour chart.
Meanwhile, a close above yesterday’s highs at $0.3406 would invalidate this chart pattern. Ripple price may soon begin its rally to $0.4500.