The Ripple price line continue to travel on the downside on the 21st of September as the crypto market turned bearish. The XRPUSD pair fell towards the $0.235 level. The cryptocurrency traded above the $0.242 mark on the 20th of September.
1-Day Ripple price analysis
The cryptocurrency fell to the day’s low of $0.234. The XRP price approached the day’s high of $0.247 near 1:00 GMT. At the time of writing, the cryptocurrency was observed trading at $0.237 on Bitstamp.
What’s next for XRPUSD?
Trading View analyst Mahdi believes that the XRP price will fall below a broadening wedge pattern. The first target price for this pair was laid at $0.2003.
Per the analyst, the cryptocurrency recently broke above a big descending channel whilst it was supported by an ascending trend line. Per the chart above, the XRP price entered the broadening wedge pattern on the 5th of September.
On the 21st of September, the price fell below the wedge pattern. The cryptocurrency price will fall towards the $0.2003 mark next, per the analyst’s idea. A strong support level lies near the $0.2 mark, which will allow the XRPUSD pair to bounce towards the $0.35 resistance. In the long-term, this trade appears bullish for the cryptocurrency.
Ripple invalidates Elliot wave pattern
The Trading View analyst Sunny Hill Capital is of the opinion that the LTC price trades inside a descending parallel channel and that it will soon break above the channel to rise towards the $0.28 mark.
Per the idea, the cryptocurrency was going to play into an Elliot wave. The chart shows that the XRP price travels inside an ascending channel, that is placed inside a bigger descending channel.
The price was expected to break above the bigger descending channel, and then the smaller ascending channel. However, the cryptocurrency fell towards the $0.234 mark on the 21st of September. The analyst laid the invalidation level for this trade near the same price level.
What to expect from the XRP price?
Trading View analyst Mister Mees believes that the XRP price will rise towards the $0.32 mark after completing an ongoing wave pattern.
Per the technical analysis, the price line is trading inside an ascending channel and the completion of the last wave will allow the cryptocurrency to rise past the $0.32 mark. The analysis was drawn on the 1-day chart for the XRPUSD pair.
Ripple falls below triangle pattern
The Trading View analyst Sina believed that the XRP price will break below a descending parallel channel and fall bearish. Per the analyst, the cryptocurrency has been trading inside the triangle from the 17th of September.
The support level for the descending triangle lay near the $0.246 mark. On the 21st of September, the cryptocurrency’s price line turned bearish and the coin fell below the $0.234 level. The idea was completed, and the cryptocurrency currently stands near the $0.237 mark.
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