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.
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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.