Ripple Price Analysis: XRP/USD Lags Triangle Breakout Targeting April Highs At

John Isige Price Analysis published May 26, 2020 | modified May 26, 2020

Ripple XRP
Image Courtesy of Flickr

Ripple Price Analysis: XRP/USD Lags Triangle Breakout Targeting April Highs At

  • 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

BTC/USD price chart
BTC/USD price chart by Tradingview

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.

Ripple Intraday Key Levels

Spot rate: $0.1950

Relative change: -0.0012

Percentage change: -0.61%

Trend: Bearish

Volatility: High

Low: $0.1930

High: $0.1968

 

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