Head and Shoulders to $0.77??
Updated
On the 1H chart, Xrp looks like it is developing a Head and Shoulders pattern. With the CCI looking Bearish but still hovering around the 100 mark and not dropped dramatically to 200 as of yet, a big swing down could be coming. However, if good news from CNBC's 'Fast Money' has good things to say about Ripple and Xrp, it could consolidate sideways about $0.90 and maybe rise in the near future.
However, the Head and Shoulders and pattern, if confirms below the neckline, could fall to $0.77 which happens to be the next support line from the 8th February. This is also the distance between the middle of the neckline to the head of the pattern. Confirmation is key.
It needs to have a close eye on it because the media could influence this either way.
This is my opinion. I am not a financial adviser. This is for analysis and educational purposes only. What you do do with this information is up to you.
However, the Head and Shoulders and pattern, if confirms below the neckline, could fall to $0.77 which happens to be the next support line from the 8th February. This is also the distance between the middle of the neckline to the head of the pattern. Confirmation is key.
It needs to have a close eye on it because the media could influence this either way.
This is my opinion. I am not a financial adviser. This is for analysis and educational purposes only. What you do do with this information is up to you.
Note
It looks like the Head and Shoulders pattern didn't confirm. Xrp did manage to reach $0.785 before shooting back up again. I do agree this is looking like a descending wedge and could level off about $0.82 (Fib level 0.612 on 4H chart). With the dust settling, it may break out of the descending wedge pattern. If this happens, it could be seen to hit at least $1.00 again.Just an update on what I see.
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