After the sharp rise in bitcoin (BTC) last weekend, the top 10 cryptocurrencies based on market capitalization are now dropping slightly back. Yet there are still two risers. Ripple (XRP) is currently the biggest riser.
At the time of writing, XRP is worth $ 0.430 after an increase of 2.08% in the last 24 hours. Binance Coin (BNB), + 1.39%, and XRP are the only cryptocurrencies in the top 10 that are currently in the plus.
Ripple has been in a downward trend recently. After the altcoin managed to set a high of $ 0.4800 at the end of May , the bulls were unable to push the rate further to $ 0.50. Since then, XRP has fallen slowly, falling through a number of support levels.
On the 4-hour chart, however, XRP eventually formed a falling wedge pattern. This pattern can be recognized by the resistance and support lines that slowly pull together. In many cases, this signals a trend change and was therefore a bullish signal.
The XRP broke course from this pattern on 13 June . After breaking through the resistance line of the pattern, the course began a new upward movement. The exchange rate eventually rose to a high of $ 0.4440 on the cryptocurrency exchange Bitfinex . However, it seems to have resisted that.
The exchange rate fell slightly and is now trading at the level just under $ 0.4000. Major support zones are $ 0.4200, $ 0.4000 and a lot below that at $ 0.3650. To achieve further increases, the bulls will have to win $ 0.4400. Above that are two more resistances, one at $ 0.4800 and one at $ 0.5000.