Ripple (XRP) has not gathered enough strength to overcome the resistance at $0.7 despite displaying a robust bullish front in the last seven days. The cross-border token is on the cusp of a massive breakdown, especially if the price slides under a crucial short term anchor.
Ripple's possible breakdown eyes $0.45
XRP has recently broken below a critical ascending wedge pattern. Generally, these types of wedges are used in technical analysis to signal potential reversals after long uptrends.
For instance, XRP recovered significantly from last week's support at $0.45 but could not break the seller congestion at $0.7.
As bears swing into action, bullish pressure decreases by a large margin, hence the pattern's breakdown. For now, Ripple is trading at $0.61 while holding at the 50 Simple Moving Average (SMA).
The cross-border token is likely to resume the downtrend if losses extend under the moving average.
A glance at the chart highlights the next vital support area between $0.45 and $0.50, as reinforced by the 100 SMA.
XRP/USD 4-hour chart
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