- Ripple price fulfills flag-and-pole pattern.
- The MACD shows increasing bullish market momentum.
Since April 4, the Ripple price jumped from $0.57 to $1.83, going up by a little more than 220%. XRP did so by charting three consecutive flag-and-pole patterns. Let’s take a closer with technical analysis.
Ripple Price Jumps To $1.80 Top
The Ripple price has reached the top as determined by the flag-and-pole pattern and will probably go through a brief consolidation period before it jumps up again. As things stand, the MACD shows increasing bullish momentum so the overall market sentiment is positive.
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, we can see that XRP has been flowing up in an upward wave, finding constant support at the 20-day SMA. As things stand, there is a strong resistance at $1.96 that has pushed XRP down. The RSI is quickly dropping back into the neutral zone, as Ripple consolidates.
Image: XRP/USD 4-hour
Ripple CTO: It's Time To Sell Your Crypto
Ripple Labs CTO David Schwartz recently gave some reasonably sound investment advice. He tweeted:
If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do.
Schwartz went on to say that holders must reevaluate if they have at least half a year’s earnings in crypto and/or “significant debt.” Given the crypto market rally, Ripple (XRP) has risen 850% in the last year while Bitcoin is up 790% to $63,000.
Schwartz appears to have taken his own advice in the past. He admitted in 2019 that he sold $40,000 worth of Ether before the peak of the late-2017 bull run to buy solar panels. In the recent tweet thread, he suggested that he shouldn’t have sold all of it.
I guess I was thinking it would go back down and I’d buy back in. But it didn’t. You can regret taking too little risk too, of course.
His tweets come during the middle of a $1.3 billion SEC lawsuit against Ripple Labs. The regulator has accused Ripple and its execs of selling XRP as unregistered securities. The lawsuit hinges on whether XRP is an investment contract or simply a virtual currency.
Ripple Price Is Expected To Reach These Levels
Ripple will currently consolidate around the $1.80 before it makes a charge for the $2 psychological level.