Home XRP News XRP/USD jumps above $0.30, rising triangle breakdown impends

XRP/USD jumps above $0.30, rising triangle breakdown impends

  • Ripple bulls revive the trend above $0.30 but triangle resistance still caps gains to the upside.
  • XRP/USD is likely to stay between $0.30 and $0.31 in the near-term.

Ripple reacted in tandem with Bitcoin’s shallow recovery on Monday. While Bitcoin stepped above $9,500, Ripple completed the milestone above $0.30. The bullish leg formed a high at $0.307 before retracing to the current $0.30.

A formed rising triangle pattern hints that if the resistance at $0.31 is not cleared in time, XRP on could embark on a downtrend testing the support at $0.28. If push comes to shove $0.25 support world be tested. The price is trading above the Simple Moving Averages (SMAs) on the two-hour chart.

Sideways trading between $0.30 and $0.31 is the most likely movement owing to the equal distance between the 50 SMA and the 100 SMA. However, short-term oversold conditions shown by the Relative Strength Index (RSI) would see the price inclined towards $0.30.

XRP/USD two-hour chart

Source link