A reason for trust
A strict editorial policy that focuses on accuracy, meaning and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reports and publication
A strict editorial policy that focuses on accuracy, meaning and impartiality
The price of a lion football and players are tender. Each arcu is to ultra -up all children or hatred for football Ullamcorper.
XRP is currently showing signs of susceptibility, because its last price campaign is becoming more and more stubborn. After trying to recover the momentum above USD 2.60 in May, the cryptocurrency fought to maintain this run, and its price in the last few days He brought him closer to the loss Price level 2.10 USD.
In particular, the price effect caused the formation of a head and shoulders pattern on the daily candle chart. It could be the last straw that finally Sends a decrease in the price of XRP below USD 2.
XRP breaks the head and shoulder neckline
How was identified by The cryptographic analyst on the X, XRP social media platform has now printed a classic formation of the head and shoulders, with a clearly defined symmetry between the left shoulder, head and right arm. The formation of the head and arms began to form at the end of April, when the price increased to USD 2.26 to become the left arm. At the beginning until mid -May XRP has increased above 2.60 USD to create the head of the formation and what appeared at that time to resume a powerful stubborn rush.
The rally lost a couple shortly after reaching this May summit, and the price began to retreat again. Until June 3 XRP he made another attempt To push higher, reaching $ 2.27 in creating the right arm. However, this push was not enough, and the resulting price action of the seller gradually fought for control.
The pattern of the head and shoulders, which is often associated with reversing trends, has become more disturbing when the XRP breaks below the neckline around USD 2.18 to reach only USD 2.07 USD 6. Interestingly, the failure below the neckline was accompanied by an increased volume, which ensured additional confirmation of the bear signal.
Rejection EMA for XRP: What next?
Now, when the XRP broke under the neckline, the zone from 2.18 to 2.20 USD is starting to go into a powerful resistance barrier for each attempt to recover. Daily Candlestick Chart shows that XRP is still trading below 9-day EMA and 50-day SMA, which currently amounts to USD 2,1877 and USD 2,2649, respectively.
Despite Modest recovery Over the past 24 hours, XRP has not repeatedly turned over the 9-day EMA since the decad of the neckline, showing lasting weakness brief -term structure.
As long as XRP is trapped under the neckline and cluster of resistance to EMA/SMA, the dominant structure still promotes extension down. Based on the head and arms configuration, the measured movement from the neckline provides a decrease in the direction of 1.85 to USD 1.80.
At the time of writing, the XRP again trads resistance on the neckline for $ 2.18 after an raise of 2.6% in the last 24 hours of USD 2.13. However, the strength of this reflection is questionable because it occurred with a rapid decrease in the volume of trading by 48.14%. The next 24 hours will be validBecause price behavior in the range from 2.18 to 2.20 USD may determine whether XRP resumes his descent and spoil below USD 2.
A distinguished picture from Unsplash, TradingView chart
