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Ripple Price Hovers at Neckline Support of Head and Shoulders. Here Are the Levels to Watch.

Ripple price
Ripple price

Unlike the major currencies, ripple price has yet to enjoy the bullish effects of a weaker US dollar in today’s trading. As of this writing, XRPUSD is trading 0.12% below its opening price at $0.1922.

A closer look at the daily time frame also shows that ripple price is trading around the neckline of what looks like a head and shoulders chart pattern. Characterized by lower highs after a series of higher highs, this is widely considered as a bearish reversal indicator. A strong bearish close below the neckline support at $0.1818 could mean that XRPUSD could soon fall to its near-term support at $0.1386.

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On the 4-hour time frame, it can be seen that any immediate upward movement on ripple price may be limited around $0.1965. This price offers a confluence of resistance. For one, it coincides with the falling trendline when you connect the highs of June 2, June 9, and June 11. It also aligns with the 61.8% Fib level when you draw the Fibonacci retracement tool from the high of June 10 to the low of June 15.

However, it’s worth noting that a strong bullish close above this price could invalidate the near-term resistance. Consequently, it could indicate that there are still enough buyers in the market. Should this happen, we could soon see ripple price retest its June 9 highs at $0.2054.