- 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
RSI: Bearish biased