Payments-focused XRP’s immediate views look bleak, with its price diagram blinking an “rising wedge” collapse.
An increasing wedge includes two converging trend lines connecting higher low and higher heights. This convergence suggests that upward momentum is weakened. When the price moves under the lower trendline, it signalizes a shift to a bearish trend.
The XRP dived out of its rising wedge pattern in Wednesday’s early Asian hours, suggesting that the attempted recovery from April 7th near $ 1.60 has probably lost momentum, allowing sellers to regain control.
According to technical analysis theory, analysts should identify the starting point of the rising wedge as the original support level after the division, which means that XRP can now fall back to $ 1.60. Cryptocurrency has also fallen under the Ichimoku cloud, a momentum indicator, on the hourly map that reinforces the Bearish views indicated by the rising wedge function.
Tuesday’s height of $ 2.18 is the level of bulls to beat to invalid the bearish outlook.
