Ripple bulls battered by selling pressure in the last one week but keen on defending $0.20 support.
XRP/USD nears triangle pattern breakout likely to rally to $0.2150 and $0.2500 respectively.
Ripple price has been very uneventful in its trading over the last three weeks. Prior to the breakdown in the first week of June, XRP was trading at $0.2259. In April the fourth-largest cryptocurrency achieved highs of $0.2364. In just five days Ripple has lost at least 21% amid the up and down movement of Bitcoin and Ethereum. XRP is stuck in a sideways trend above $0.20. On the upside, the crypto is facing the first resistance at $0.2050. On the downside, XRP is supported at $0.20 (support that has been in place since June 5).
Ripple Technical Analysis
Ripple price is dancing at $0.2015 and battling the resistance at the 50% Fibonacci level taken between the last swing high of $0.2146 to a swing low of $0.1897. The cryptoasset is also fighting another hurdle at the falling triangle resistance. A breakout above this zone could catapult XRP towards highs traded at the beginning of June.
XRP/USD 4-hour chart
For now, sideways trading appears to take precedence. This consolidation is supported by the sideways moving the Relative Strength Index. As long as the price holds above $0.20, there is still potential for gains above $0.21 and $0.22. Besides, the same consolidation is witnessed across a vast number of the major cryptocurrencies. In the event losses progress, breaking through $0.20, bulls would seek refuge at the 38.2% Fibo, $0.1950, and the primary support at $0.19.
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