Bearish Flag on the Daily Chart of Ripple Price
On the daily time frame, we can see that ripple price has spent the past few trading days in a consolidation. This follows after XRPUSD aggressively sold off from $0.3400 to $0.2225. Consequently, a bearish flag chart pattern has formed. In forex trading, this chart pattern is considered as a bearish continuation signal. A strong bearish close below the low of February 26 at $0.2225 could trigger a sell-off to $0.1850 where ripple price bottomed on December 2019.
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Broken Trend Line Resistance on the 4-Hour Time Frame
However, a closer look at the 4-hour time frame shows a more bullish setup for ripple price. By connecting the highs of February 15, February 19, February 23, and March 2, we can see that there were enough buyers to push XRPUSD above the trend line resistance. If there are enough buyers in the market to push ripple price above the February 27 high, we could soon see it trade to the $0.2700 handle. This price previously served as support and could turn into resistance. If it does not hold, the next resistance level for XRPUSD is at $0.3000 where ripple price topped on February 19.
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