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XRP price will fall to new lows vs. Bitcoin if this famous chart pattern plays out

Published 06/25/2021, 06:04 AM
Updated 06/26/2021, 08:40 AM
XRP price will fall to new lows vs. Bitcoin if this famous chart pattern plays out

Ripple blockchain’s native token, XRP, could make a full bearish price swing against Bitcoin (BTC), per a classic technical indicator.

Dubbed as Head and Shoulders (H&S), the pattern develops when an asset forms three peaks atop a common baseline. The outside peaks, known as Shoulders, are close in height, while the middle one, called the Head, is the highest.

XRP has broken below the H&S neckline with strong volumes. Source: TradingView, Peter Brandt
XRP tests 200-day simple moving average as its first line of support. Source: TradingView
XRP bounced off its lower descending channel support on June 22. Source: TradingView

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