Ripple price fell together with the price of Bitcoin and other major coins that suffered recently. Bitcoin has found important support below the $50k level and now is back up with a vengeance.
As it is always the case, the altcoins follow closely on Bitcoin’s steps. In a way, it is normal because the cryptocurrency market is governed by trading algorithms that feed themselves from the price action seen in other markets.
If Bitcoin manages to hold above the $50k level, the chances are that it will pressure the highs again. If that is the case, a bullish Ripple price prediction makes sense as long as the price action remains above the projected neckline of a head and shoulders pattern.
Only a move below that neckline puts pressure on the downside. As such, we may split the price action in two – bullish while above 1.15, bearish while below.
Ripple Price Technical Analysis
The head and shoulders pattern on the Ripple market is extremely visible because it forms on the 4h chart. The market’s bounce was so strong that it exceeded the apex of a previous contracting triangle. As such, we should not be surprised to see more strength if 1.15 holds.
On the flip side, bears may want to wait for a move below 1.15 before going short with a stop at the previous higher low and a target that follows 1:2 risk-reward.