Ripple (XRP) price today’s current price action indicates indecision among investors. XRP is trading in a very tight range of $0.76-$0.78. It appears that the asset is waiting for a confirmation to set further directional bets.
- Ripple’s (XRP) price trades sideways on Thursday.
- XRP is expected to Jump toward $200 EMA at $0.85.
- Altcoin surged 45% from February lows of $0.62.
XRP price awaits symmetrical triangle formation breakout
Ripple (XRP) is facing stiff resistance near the critical $0.80 mark as the price is not able to give a decisive close above the mentioned level. However, the downside is capped at around $0.75 thus contributing to the sideways price action.
The On-Balance-Volume (OBV) indicator, tells about an asset’s total running volume. Looking at the indicator reveals volume is moving higher in correspondence to the upside price movement.
RSI: The daily Relative Strength Index (RSI) is trading flat at 51 above the average line. Any uptick in the indicator will push the price above the consolidated range.
MACD: The Moving Average Convergence Divergence (MACD) hovers above midline with a bullish bias.
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Furthermore, XRP on the daily chart forms a ‘Symmetrical triangle’, with above indicators readings there is a high probability of an upper breakout with the immediate target at crucial 200-day Exponential Moving Average (EMA) at $0.85.
An acceptance above the mentioned moving average will see December 27 highs at $0.95.
As of publication time, ETH/USD is trading at $0.77, up 0.11% for the day. The 24-hour trading volume of the sixth-largest cryptocurrency by market cap is down by 23% at $2,122,299,636.
Talking about another possibility, a failure to sustain the session’s low will invalidate the bullish thesis for the pair. XRP could test $0.71 on the downswing.
A fresh round of selling would be initiated if the price breaks below the reliable support placed at $0.70.
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