XRP/USD revives hope for triangle breakout eyeing $0.24

  • Ripple price is lethargic in trading between the 50 SMA and the 100 SMA in the 4-hour range.
  • The triangle breakout depends on the bulls’ ability to hold above the trendline support in the short term.

Ripple price is trading within the confines of the 50 SMA resistance and the 100 SMA support. Over the last seven days, the digital asset has held the ground above $0.20. On the upside, resistance remained intact at $0.21, except for the minor breakout that lost steam at $0.2150 on Monday last week.

At the time of writing, XRP is trading at $0.2030. Buyers are focused on reclaiming the position above the symmetrical triangle resistance. If the crypto sustains this position, more buyers are likely to join the market, as their confidence in the recovery potential increases. Moreover, a break above the triangle resistance could be the key to gains towards $0.24.

Meanwhile, short term technical analysis shows XRP/USD will hold the consolidation a while longer. The RSI in the 4-hour range is horizontal at 50. The sideways action comes after a minor recovery from levels slightly below 40. The same sideways trading is emphasized by the ranging MACD at 0.00 (mean line). Traders should on the lookout for changes in both the MACD and the RSI as they will signal which direction Ripple would take after the ongoing choppy market.

XRP/USD 4-hour chart