- XRP price is stuck in a triangle consolidation.
- A break of the double ascending trend line will have Ripple retest $0.50.
- Any souring in the global risk-on mode might speed up the descent.
XRP price has had a lovely recovery, but the rejection of the $0.70 psychological level made Ripple enter into a symmetrical triangle.
XRP price faces little to no support below $0.60
Bitcoin came back roaring upwards in the past few days, together with the risk-on sentiment in the markets. XRP price tried that as well but could only bounce off $0.50 toward $0.70. Unfortunately, it couldn’t make any new highs or any new lows.
Ripple is getting squeezed in from both sides, forming a triangle with just a few days to go for the breakout.
Overall, seeing the fact that the last big level – $0.70 – was rejected to the downside, sellers are in control of XRP price. Once Ripple breaks the yellow ascending trendline, as shown in the image below, which falls together with the ascending side of the triangle, there is nothing technical in the way of $0.50.
To the upside, XRP price has a lot of resistance with the 55- and 200-day Simple Moving Average forming a cap, the psychological $0.70 and the descending trendline from the beginning of June, which falls together with the descending side of the triangle.
XRP/USD daily chart
XRP price still can try to reclaim the $0.70 level, but with the squeeze both ways, the break lower looks to be coming in the next few days.
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