Ripple (XRPUSD)'s descending triangle
Price action for Ripple (XRPUSD) is captured in this analysis from February 29, 2018 till date with a descending triangle. This chart pattern is bearish (sell), albeit not 100% of the time.
Key price levels to take note of for Ripple (XRPUSD) are the following (approximated to 2 decimal places).
- $0.77
- $0.46 and $0.35
- $0.60
The relative strength index (RSI) as shown here suggests that bearish momentum has run out. A less conservative entry into a long (buy) position involves buying as soon as Ripple (XRPUSD) closes above ~$0.60 in anticipation of a breakout above the sloping line of the descending triangle.
$0.77 is used in this analysis to indicate a potential price level to initiate a long position should Ripple (XRPUSD) break outside of the chart pattern. The vertical red arrow indicates the width of the pattern which can be used to estimate the point to take profit if the risk/reward is satisfactory.
On the other hand, $0.46 and $0.35 mark the major support level for Ripple (XRPUSD) and break below $0.35 could see the price of Ripple (XRPUSD) go down a lot further with $0 even been a possibility.
Key price levels to take note of for Ripple (XRPUSD) are the following (approximated to 2 decimal places).
- $0.77
- $0.46 and $0.35
- $0.60
The relative strength index (RSI) as shown here suggests that bearish momentum has run out. A less conservative entry into a long (buy) position involves buying as soon as Ripple (XRPUSD) closes above ~$0.60 in anticipation of a breakout above the sloping line of the descending triangle.
$0.77 is used in this analysis to indicate a potential price level to initiate a long position should Ripple (XRPUSD) break outside of the chart pattern. The vertical red arrow indicates the width of the pattern which can be used to estimate the point to take profit if the risk/reward is satisfactory.
On the other hand, $0.46 and $0.35 mark the major support level for Ripple (XRPUSD) and break below $0.35 could see the price of Ripple (XRPUSD) go down a lot further with $0 even been a possibility.
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