• XRP price is showing no visible clues as to directional intention.
  • The bulls are catching their breath following a 161% move to the upside.
  • Until Ripple can overcome $1.28, the token will continue to be trapped within the symmetrical triangle pattern. 

XRP price remains indecisive as it is trapped within a consolidation pattern. Ripple is expected to continue to move sideways as it records lower highs and higher lows. Until a clear indication of directional intentions is exhibited, the cross-border remittances token will bank on bouncing between two technical levels. 

XRP price struggles to navigate 

XRP price is trapped within a symmetrical triangle pattern on the 4-hour chart, consolidating after a 161% surge from the July 20 low. Following the tremendous rally, Ripple is seeing its momentum fade and is facing indecision on the next move.

The governing technical pattern suggests that XRP price will continue to move sideways within the upper boundary and lower boundary of the triangle until Ripple makes a clear break outside these levels.

Currently, XRP price is able to find meaningful support via the 100 four-hour Simple Moving Average (SMA) at $1.13. Slicing below this level may expose Ripple to the next line of defense near the lower trend line of the triangle at $1.11. 

Further selling pressure may push XRP price lower toward the 61.8% Fibonacci extension level at $1.10, which is also bolstered by the support line given by the Momentum Reversal Indicator (MRI), suggesting strength in this level of defense.

XRPUSDT

XRP/USDT 4-hour chart

On the flip side, XRP price sees heavy resistance at $1.19, where the 20 and 50 four-hour SMAs meet. Ripple may feel further pressure around this level below the 78.6% Fibonacci extension level, which also acts as a hurdle for the token.

If the buyers manage to lift prices higher against the overpowering distribution of the sellers, XRP price may hope to tag the upper boundary of the triangle at $1.28 with a 12% bounce, where it will be confronted by the resistance line given by the MRI.

Further bullish moves are not expected at the moment, given the decline in Ripple trading volume. XRP price is likely to continue to trend sideways until there is a clear break beyond the governing technical levels indicated by the symmetrical triangle pattern. 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP