Ripple Price In Full Swing Dilemma, Will It Be $0.22 Or Freefall to $0.12 – Triangle Pattern
- Ripple price is in consolidation above $0.17 following rejection at $0.18.
- XRP/USD bulls must defend the triangle support to avert a possible downfall to $0.12.
Ripple price lock-step trading has been progressive for the past three weeks following the crash to $0.10. Extremely volatile markets have made it difficult to sustain gains. However, it is clear that Ripple might have found a short term bottom at $0.10, forcing the bulls to focus on pulling XRP/USD above $0.20. Numerous attempts have been made to clear the resistance at $0.18. The highest price level reached is $0.1896 on March 27.
Over the last weekend, bullish momentum lost steam resulting in losses back to $0.16. XRP/USD has spent the last two days correcting the negative gradient. The price finally climbed above $0.17 on Tuesday but the resistance at $0.18 sits intact.
XRP/USD 4-hour chart
The third-largest cryptocurrency is trading at $0.1736 at the time of writing. It also within the apex of a symmetrical triangle pattern. This pattern presents the ultimate dilemma for XRP. In other words, a break above the resistance would culminate in a rally above $0.20, targeting $0.22. However, if the triangle support is shattered, expect another devastating breakdown back to $0.12.
Meanwhile, the RSI shows the price having a bearish bias in the short term. This means that the bulls are likely to continue pressing on the support at $0.1720 as well as that at $0.1700. Other key areas to keep in mind include the 100 SMA in the 4-hour range, the 50 SMA at $0.16 and the main support at $0.14.
Ripple Key Levels
Spot rate: $0.1736
Relative change: -0.00012
Percentage change: -0.07
Trend: Bearish
RSI: Bearish biased
XRP/USD bulls must defend the triangle support to avert a possible downfall to $0.12.
Disclaimer
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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 Wed, 01 Apr 2020 05:35:20 +0000
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