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ETH/USD Impending Double-Top Pattern Reaction Post End-Week Surge

June 21, 2019 11:42 am
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ETH/USD Impending Double-Top Pattern Reaction Post End-Week Surge
  • The groundbreaking partnership between Ripple and MoneyGram catalyzed the momentum sending XRP/USD past $0.46.
  • Ripple recovery stalls within a tight range between the 61.8% Fibo and the 38.2% Fibo.

XRP/USD trading pair is attempting to stage a recovery from the recent support by the 38.2% Fib retracement level between the last drop from $0.4625 to a low of $0.3912. This is happening following a retracement from the recent high at $0.4625.

Prior to the correction, Ripple had corrected higher above the trendline as well as both the 50 Simple Moving Average (SMA) 1-h and the 100 SMA. The climb above the 23.6% Fib retracement level encouraged the buyers to increase their positions as the price cleared several hurdles at $0.4200, $0.4300 and $0.4400.

The news of the groundbreaking partnership between Ripple and MoneyGram International (NASDAQ:MGI) catalyzed the momentum sending XRP/USD past $0.46. However, as the news settled down the investors were happy with taking profits culminating in a drop.

Technically, XRP/USD is stuck in a range between a couple of Fib levels, the 38.2% (support limit) and the 61.8% (resistance limit). The trend of the Relative Strength Index (RSI) is doing little to change the situations as it has changed direction to the south. The Moving Average Convergence Divergence (MACD) is also stuck under the mean line as bears gain traction towards $0.4300.

XRP/USD 1-h chart

Image Sourced From Pixabay

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