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Ripple Falling Wedge reversal pattern

Ripple rebounded and it tries to approach and reach new highs as the price of Bitcoin has turned to the upside. The price action developed a reversal pattern, but the formation is far from being confirmed.

In the last 24 hours, XRP/USD is up by 6.50% but it's down by 5.66% in the last 7 days. It was located at 0.9813 at the time of writing, so the pressure remains high as long as it stays below 1.0.

XRP/USD near 1.0 psychological level


As you can see on the H4 chart, XRP/USD challenges the downtrend line. As long as it stays under this line, the crypto could drop again anytime. On the other hand, jumping and stabilizing above the downtrend line may signal that the downside is over.

Its false breakdowns with great separation below 0.9 psychological level signaled that the downside could be limited. At the time of writing, XRP/USD was fighting hard to stay above the weekly pivot point of 0.9763 level.

Ripple outlook

Its failure to approach and reach the Descending Pitchfork's median line (ML) followed by a valid breakout above the downtrend line and above 1.0 psychological level may signal that the downside movement could be over.

Still, in the short term, we cannot exclude a temporary decline if the downtrend line holds and if it comes below the 50% retracement level.

The material has been provided by InstaForex Company -