Ripple’s XRP price analysis: Make or break – triangle breakout around the corner
|- Kraken exchange launches XRP margin trading; market ignores to news.
- A correction above the moving averages will allow the buyers to attack the triangle resistance.
Traders of XRP have something to smile about as we usher in the new year. One of the world’s leading cryptocurrency exchanges, Kraken has announced its support for XRP margin trading. The announcement was made via a press release sent to various news outlets and stated:
"We have enabled margin trading for Bitcoin Cash (BCH) and Ripple (XRP)! The addition expands our margin offering to 8 assets."
Meanwhile, Ripple’s XRP is closing the year while trading in the red following the rejection it experienced above $0.4. At press time, XRP has corrected lower 2.97% on the day after it opened the day’s trading at $0.3753. The asset is trading at $0.3641 is below the 50 SMA and the 100 SMA on the 60’ timeframe chart. Moreover, since the downward correction from the December highs, XRP has been forming a contracting triangle that is moving towards a breakout in the short-term.
A correction above the moving averages will allow the buyers to attack the triangle resistance. This will place the asset on a recovery path towards the next hurdle at $0.38 and eventually $0.40. The key seller concentration zone is at $0.46; if Ripple’s XRP breaks past this it will come out of the medium term resistance and $0.5 will be quite within reach.
On the flipside, a break of the triangle support will mark the beginning of more break down as the new year begins. However, the buyers will enjoy the support at $0.34 $0.30 and the primary support around $0.28.
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