- Ripple price is stuck in a narrow range from $0.21 to $0.2336.
- The double top pattern signals a return $0.21 support.
Ripple is stuck in a narrow range between $0.21 and $0.2336. Both support and resistance of the range have been tested severally. However, they continue to hold suggesting that the lock-step trading could last longer.
The third-largest cryptocurrency appears to be consolidating following an acute downtrend from highs above $0.31 in November. XRP has tested $0.2025 support on the downside. The recovery from the support fizzled out on hitting the range resistance.
The double top pattern
The double top pattern in classic technical analysis is used to predict the direction the price will take. In the case of XRP, the pattern suggests a possible retreat to $0.21 support before another reversal occurs. Moreover, the RSI is grinding lower towards 30, signaling a stronger bearish grip.