Ripple Market Update: XRP/USD bulls take another short at $0.19, rendezvous at $0.20
|- Ripple steps above $0.19 in tandem with Ethereum’s 2% surge to $249.26 (intraday high).
- Ripple is grinding into a potential rising triangle pattern breakout likely to shoot it towards $0.1950 and $0.20.
Ripple price has embarked on the ultimate journey towards $0.20 following another shot at the seller congestion zone, $0.19. The recovery commenced in the Asian session on Wednesday but was only able to take down the barrier at $0.19 in the ongoing European session. At the time of writing, XRP/USD is teetering at $0.1904 amid a building bullish momentum.
If the bulls do not lose steam and the technical picture continues to improve, there is a chance that buyers will soon take the fight to $0.1950 and $0.20 resistances. For now, XRP is trading at $0.1903 and toying with a possible rising triangle pattern breakout.
If the triangle breakout fails to materialize, expect consolidation to take precedence in the coming sessions. The RSI has been on an upward roll but is now taking a breath slightly under the overbought region.
Generally, the trend is in the hands of the bulls especially with the MACD settling above the midline. Moreover, minor bullish divergence hints that gains are likely to be contained above $0.19 in the short term.
On the downside, support is expected at the ascending trendline (triangle support). Other key support areas include the 50 SMA ($0.1892), $0.890, the 100 SMA ($0.1884) and $0.1850.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.