Ripple Price Analysis: XRP/USD Lags Triangle Breakout Targeting April Highs At
- Ripple commences consolidation between the key support at $0.19 and the stubborn resistance at $0.20.
- A lagging falling triangle breakout hints towards possible gains not only above $0.20 but also April highs.
Ripple price has been range-bound following the breakdown below $0.20 during the weekend session. Prior to the losses, XRP/USD sustained gains above $0.20 but failed to clear the resistance at $0.21. The losses on Sunday refreshed the support at $0.19. Ever since XRP has consolidated between $0.19 support and $0.20 resistance.
Impending Triangle Breakout
Following the impressive recovery towards the end of April when XRP hit monthly highs of $0.2360, the price has been narrowing under a descending trendline. The aforementioned declines confirmed support at $0.19, forming the triangle support.
Meanwhile, Ripple is trading at $0.1950 as bulls look forward to a possible triangle breakout. For the desired impact, the momentum must also be strong enough to clear the resistance at the 50 SMA ($0.20), the 200 SMA in the 4-hour range and last week’s key resistance at $0.21.
XRP/USD 4-hour chart
Technically, Ripple is nurturing a breakout a weak bullish momentum targeting the triangle resistance and $0.20. The momentum is supported by the Moving Average Convergence Divergence (MACD)’s gradual upward movement. If the indicator sustains movement above towards the mean line, XRP/USD could close the gap between the current price level and $0.20. It is also vital that bulls hold the price above the triangle support, a move that could ensure that support areas at $0.18 and $0.1750 are not refreshed.
Ripple Intraday Key Levels
Spot rate: $0.1950
Relative change: -0.0012
Percentage change: -0.61%
Trend: Bearish
Volatility: High
Low: $0.1930
High: $0.1968
A lagging falling triangle breakout hints towards possible gains not only above $0.20 but also April highs.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Tue, 26 May 2020 08:29:57 +0000
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