XRP USD analysis (Ripple) is carried out based on its 1 hour time frame.
Price action forming an inverted head and shoulders between August 11, 2018 and August 16, 2018 confirmed when price closed above the neckline (~$0.30) of the pattern.
Price action following movement out of the previous bullish pattern is contained inside of a descending triangle pattern which is ideally bearish. ~$0.34 is the point of invalidation (POI) of the chart pattern (descending triangle).
This could result in continuation of the current bullish price swing from ~$0.25, which is used as the head (H) of the inverted Head and shoulders (or head and shoulders bottom). On the other hand, price closing below ~$0.32 means that more selling should follow as the bearish implication of the descending triangle would have confirmed.
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