XRP’s Daily Time Frame Shows Huge Descending Triangle Pattern

XRP’s daily time frame shows that Ripple has a bullish short-term bias but is still bearish in the medium-term so according to the four-hour time frame, there is an extremely large inverted head and shoulders pattern as we are about to see further in the Ripple XRP news.

Ripple continues to struggle to push through a meaningful breakout above the $0.3000 level despite the cryptocurrency having major technicals across the lower and higher time frames. The sharp reversal from the $0.2000 level in September and the bullish monthly low around the $0.2500 helped to form an inverted head and shoulders pattern across the lower time frames.

XRP’s daily volume frame shows that a rally towards the $0.4500 level could occur if the XRP/USD pair buyers can rally the price above the $0.3450 level. According to the size of the pattern, the XRP/USD would only add about 30 percent to the value if the bullish breakout occurs. In the near-term, the buyers have to hold the price above the psychological level of $0.3000 in order to spike the next push higher. The strength above Ripple’s 200-day moving average is also critical to attracting fresh technical buyers.

XRP’s daily time frame also shows a large descending triangle and the top of the price channel coincides with the upside projection of the inverted head and shoulders pattern. By taking a look at the medium-term downside potential for the XRP/USD pair, the loss of $0.2500 level could be extremely bearish for the cryptocurrency and can start a technical test towards the October Trading low.

Currently, the XRP/USD pair is supported on the pullback towards the $0.2800 level and does not seem to be in danger. Short-term sellers will gain traction if the $0.2800 support level is overcome. According to the latest sentiment data, the short-term sentiment towards Ripple is neutral at 44 percent while the overall long-term sentiment is bearish at 36.00 percent. The four-hour time frame shows how the head and shoulders pattern has formed and the $0.3450 level is the neckline of the bullish pattern.

The key technical resistance before the $0.3450 level is located at $0.3000 and the $0.3250 level but the medium-term resistance for the pair is found at $0.4000 levels. The four-hour time frame shows that the $0.2800 level provides a very strong form of short-term technical support below the pivotal $0.3000 level.