Ripple Price Analysis: XRP/USD consolidates ahead of triangle breakout to $0.25
|- Ripple recovers slightly from support at $0.1750 but price action is limited under $0.20.
- The formation of a symmetrical triangle pattern suggests that a breakout is in the offing.
Ripple is in the middle of a consolidation phase after a recent attempt to break the resistance at $0.20 failed to materialize. Instead, the bears overpowered the buyers forcing a reversal under $0.19. Fortunately, higher congestion of buyers at $0.1750 prevented further action to the south. Meanwhile, XRP/USD has recovered by 1.65% on Tuesday to exchange hands at $0.1848 during the European session.
The daily chart shows the price is battling to stay above the 50 SMA. Sustained movements above the moving average could place XRP in a trajectory towards $0.20. At the same time, the MACD shows that the price is largely in the hands of the buyers. The indicator has crossed into the positive zone after a gradual recovery from March lows at -0.02897.
Ripple is trading within the apex of a symmetrical triangle pattern. As consolidation takes precedence, a breakout above the triangle resistance is the offing and could majestically push XRP/USD into a path to $0.25.
XRP/USD daily 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.