Ripple Price Analysis: XRP/USD struggles to save triangle support at its peak
|- Ripple price struggles to stay above $0.22 support amid a forceful downtrend momentum from recent highs at $0.255.
- The formation of a falling triangle hints a bullish breakout if its support is defended and XRP bulls allowed to focus on $0.24 resistance.
Cryptocurrencies are most likely to enter the weekend session spotting extreme losses this week. Unlike last week where the bull run catapulted the majority to the cryptoassets to new yearly highs, declines have dominated the crypto market in the last few days.
Ripple is dealing with the same bearish pressure that has seen it shed 2.11% of its value on Friday. The drop from the previous week’s high around $2.55 has been unstoppable despite the input from the bulls. XRP extended the losses below the descending trend and below the 50 SMA and the 100 SMA. The tentative support at $0.23 also did little to stop the losses, currently making a compelling move towards $0.20 support.
The bears have the upper hand at the time of writing. However, the almost sideways motion of the RSI slightly above 30 shows that a reversal is around the corner provided the triangle pattern is defended by all means. In addition to that, the Elliot Wave Oscillator has recorded two consecutive bullish sessions. This clearly shows that a bullish momentum is in the offing and could push above $0.23.
XRP/USD 2-hour chart
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