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.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com