Ripple price lags triangle breakout pointing in the direction of $0.25.
XRP/USD is still under the influence of the bulls in spite of the retreat from weekly highs.
Ripple price is in consolidation above $0.20 after a minor retracement from $0.2245 (June highs). In tandem with Bitcoin drop from highs above $10,000, Ripple closed in on the main support at $0.20. Impressively, buyers have been able to hold above $0.20. XRP/USD has a market value of $0.2028.
XRP Impending Triangle Breakout
Ripple price is trading within the apex of a symmetrical triangle. There a couple of ways XRP can react to this pattern. First, a break above the pattern’s resistance would pave the way for gains targeting $0.25. Secondly, a breakdown to levels around $0.15 is possible if the still intact triangle support caves in.
Ripple Short Term Technical Analysis
From a technical perspective, Ripple is ready for consolidation. The sideways movement above $0.20 is not new to the traders. Consolidation has helped Ripple buyers gather strength in the past and pulled the price to higher levels like the recent breakout to $0.2245 after XRP/USD spiked from consolidation above $0.19.
XRP/USD daily chart
The Relative Strength Index (RSI) appears to have slowed the momentum of the retreat from June highs at 58. This indicator is currently moving sideways at (50) the average. If this sideways movement continues, so will the consolidation. Higher price movements will depend on a technical breakout above the triangle resistance supported by proper volume. On the brighter side, the Elliot Wave Oscillator (EWO) has started another bullish session after an extended bearish session in May. It means that the influence buyers have over the price cannot be ignored.
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