We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Ripple Price XRPUSD – Head and Shoulders Still Intact; Symmetrical Triangle Spotted at Neckline

Ripple price XRPUSD

Head and Shoulders Still Intact on XRPUSD

The head and shoulders pattern on ripple price (XRPUSD) still looks intact. On the 4-hour time frame, we can see that the cryptocurrency has not yet closed below support at the neckline around $0.2300. It currently looks like it is testing support at the rising trend line (from connecting the lows of January 3, January 10, January 13, January 20, and January 21). However, I would not get carried away selling ripple just yet.

Read our Best Trading Ideas for 2020.

Symmetrical Triangle on H1

On the 1-hour chart, you can see that a symmetrical triangle materialized. This chart pattern is considered as a neutral indicator. The lower highs and higher lows suggest that buyers and sellers are equally matched against each other. An upside break or a bullish close above yesterday’s high at $0.2393 could mean that there may be enough buyers to push ripple price to its recent highs at $0.2500. On the other hand, a bearish close below the low of January 21 at $0.2285 will effectively break support at the neckline and trend line. It could suggest that ripple price is headed to its January 16 low at $0.2224.