Ripple’s XRP token succumbed to bearish pressure with a 13% move to the downside over the past 24-hours as the reported head-and-shoulders pattern plays out to perfection.
Last Thursday, Coin Rivet reported on the potential of a reversal with veteran trader Peter Brandt pointing out a head and shoulders pattern.
Brandt claimed that the trend could cause a slide all the way down to $0.20, which now seems to be increasingly likely as it slumped towards the $0.232 level of support.
The sell-off was reflected across all major cryptocurrencies with Bitcoin dropping to $9,100 while Ethereum is now trading down at $235.
XRP needs to bounce back above the $0.245 level of support before this evening’s daily candle close to avoid continuation to the downside.
It is now trading below all major moving averages on the daily charge which suggests that momentum in the short term is pointing to the downside.
XRP remains 31% up since the turn of the year when it was trading at $0.18 but it is also 30% down over the past 11 days after sliding from the local high of $0.347.
Much of the upcoming price action will also depend on the direction of Bitcoin itself, with some analysts predicting it could surge significantly ahead of May’s block reward halving.
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About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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