XRP forms a bearish head and shoulders pattern

  • XRP trades 1.4% higher lagging behind some of the other major coins.
  • There is now a bearish head and shoulders to look out for.

XRP/USD 4-hour chart

Ripple has pushed higher on Monday but overall looks bearish. The 4-hour chart below shows quite a large head and shoulders pattern but the neckline is quite far away from the current price level.

A break of 0.1800 will be a confirmation signal that the price is heading lower but the psychological level has held firm a few times in the past. Crutially the price is trading below the 200 simple moving average and the Relative Strength Index indicator has moved below the 50 mid-line. Lastly, the volume is still looking thin and it would be good to see a pick up in interest.

Additional levels