• 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

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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