Ripple price has the potential to rally on the account of prime technical levels.
XRP/USD breakout above the falling wedge pattern must be followed through with volume and seller confidence.
Ripple price gave back to its investors last week following a surge from the dip under $0.17 to highs slightly above $0.21. Generally, XRP has not been one of the strongest performers in the last couple of years. However, its community remains hopeful that the digital asset will turn a new leaf and breakout massively in the near future.
Technical levels and technical indicators highlight a pivotal moment for the fourth-largest cryptocurrency. At this point, a decision has to be made and the question is, how will XRP respond?
Ripple price has recently broken above the downtrend resistance against both the BTC and USD pairs. On a wider scope, indicators reveal that the cryptoasset is on the verge of a breakout. However, these breakouts must be supported by volume especially now that cryptocurrencies across the board are nearing the conclusion of tight range trading and consolidation.
The falling wedge pattern is a jackpot Ripple bulls need to tap into. A breakout above the pattern took place last week. The price climbed above the key moving averages (50-day EMA and 100-day EMA). Following the retreat from $0.21, XRP/USD has remained pivotal at $0.20. Its immediate downside supported by the 100-day EMA (0.1968). The 50-day EMA ($0.1923) is in line to provide support as well.
Holding above the 50-day EMA is particularly vital for the next run-up towards $0.30. The MACD is also grinding upwards and a break above 0.00 (midline) could trigger a rally. Despite the retreat from $0.21, the RSI has managed to hold above 60. In other words, sellers seem to have lost traction and the path of least resistance is to the north. Bulls, however, need to follow up on the breakout in confidence because $0.30 is achievable in the short term.
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 firstname.lastname@example.org