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

By John Isige
Published May 26, 2020 Updated May 26, 2020
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Ripple Price Analysis: XRP/USD Lags Triangle Breakout Targeting April Highs At

By John Isige
Published May 26, 2020 Updated May 26, 2020
  • 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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1154 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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