Ripple Price Signals Breakout To $0.25: Time To Go Long on XRP?

John Isige Price Analysis published March 20, 2020 | modified March 20, 2020

ripple
Image Sarah Ray (Medium)

Ripple Price Signals Breakout To $0.25: Time To Go Long on XRP?

  • Ripple price recovery to $0.1745, renewing bullish interest as focus shifts to $0.25.
  • A breakout from the triangle pattern is likely to send XRP/USD soaring towards $0.25.

Ripple price bullish action on Thursday was just but the beginning of an extended recovery with the bullseye at $0.25. Recovery from last week’s dip to $0.10 stalled in a narrow range between $0.14 and $0.15 for several days. However, widespread bullish pressure on Thursday saw the bulls take on the resistance at $0.15 and $0.16. The bullish action extended above $0.17 but hit a wall at $0.1745 leaving the key hurdle at $0.18 untested.

In the meantime, sellers have already taken over and pushed XRP/USD towards $0.16, shifting short term focus from $0.18 to $0.15. XRP/USD is trading at $0.16205 at the time of writing. Its immediate downside is supported by the 50 SMA at $0.1524 on the 4-hour chart. The next support targets are $0.15, $0.14 and $0.10.

On the upside, selling pressure is anticipated at $0.17, $0.1750 and $0.18. The Relative Strength Index (RSI) suggests the trend and momentum are in the favor of the bulls. Retreat from the weekly high could have been to create fresh demand for XRP in a bid to gain the strength to tackle resistance towards $0.20.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The Triangle Breakout

Ripple is trading at the apex of a symmetrical triangle pattern. The price is grinding closer to a breakout with a target is at $0.25. An improving technical picture due to the recovery on Thursday has renewed investor interest. Buyers have joined the market awaiting a catalyst to boost their efforts above resistances at $0.18, $0.20 and $0.25.

Ripple Key Levels

Spot rate: $0.16312

Relative change: -0.00197

Percentage change: -1.19%

Trend: Bullish

Volatility: Low

 

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