Ripple technical analysis: 50-HMA caps downside following symmetrical triangle breakdown
- Symmetrical triangle bearish break finds support at 50-HMA on Saturday.
- Recovery to run into strong resistance near 0.3435 region.
The XRP bears are back in charge following Friday’s 5% rally, knocking-off Ripple (XRP/USD) nearly 1.50% lower so far this Saturday. The third-most traded cryptocurrency is back on the 0.33 handle, tracking the sell-off across the crypto space. Despite the latest declines, the coin trades with a market capitalization of about $ 14.45 billion.
From a technical perspective, XRP/USD broke its overnight consolidative mode to the downside, with a symmetrical triangle breakdown witnessed below the 0.3417 level on the hourly sticks in the opening hours this Saturday. The cryptocurrency saw some follow-through selling interest on the bearish break, only to find some fresh bids at the 50-hourly Simple Moving Average (HMA) now placed at 0.3358 over the last hour.
The bulls are now attempting a tepid bounce and manage to regain the 0.34 handle. But the further upside looks to run into a strong resistance aligned near 0.3435 region, the confluence of the 21-HMA and the ascending trend-line support of the triangle. The buyers will regain complete control above the last, opening doors for a retest of the 0.4000 level.
Should the bulls fail to clear the above-mentioned resistance, the 50-HMA support be back on the radar. Below which, selling pressure is likely to intensify that could put the next support at 0.3181 at risk.
XRP/USD 1-hour chart
Levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
