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- Ripple is respecting a descending trend line on the 4-hour time frame.
- Crypto market stabilisation appears to be taking place, after big moves observed in 2017.
The Ripple price is seen resuming its consolidation, consistently getting rejected on each occasion it touches a descending trend line. It is also currently bouncing sideways through a narrowing wedge. During late trading on Wednesday, the price is seen down as much as 3%, pending its next decisive move.
It appears that caution still has a strong presence across the market. Crypto market hype has settled down somewhat, in comparison the big moves being seen last year. It could just be a large stabilisation taking place.
Looking technically at XRP/USD, resistance is tracking around $0.92, which sees the descending trend line. In proximity sees the 50 DMA, which could add to the wall preventing from seeing Ripple excel higher. The below trend line of the narrowing wedge is providing support seen at $0.90.
XRP/USD 4-hour chart