Ripple market overview: XRP/USD contracting triangle breakout triggers a brief rally
|- Ripple overcomes $0.42 resistance amid growing bullish pressure across the market.
- Bitcoin is currently trading a 13-month high following the break above key $9,000 level.
XRP/USD is in the green again following a couple of weeks of being pivotal at $0.4. The surging Bitcoin price has helped to shake things up for the XRP bulls, however, the impact has not been as big compared to previous price correlations.
Bitcoin is currently trading a 13-month high following the break above key $9,000 level. The weekend trading has been tremendously positive for Bitcoin. The largest crypto is valued at $9,273.50 and is up 6.5% from the same time yesterday.
Ripple, on the other hand, has been forming a contracting triangle whose breakout has poked the bulls out of hibernation. Recently the support at $0.3900 allowed the bulls to forge a new path above $0.40. Moreover, XRP extended the movement north breaking the triangle resistance. XRP/USD stepped above $0.41 before extending the gains in two engulfing candlesticks past $0.42 hurdle.
At the moment, XRP/USD is trading at $0.4211. It has corrected from the weekend high of $0.4248 and is struggling to stay above $0.4200. Meanwhile, the Relative Strength Index is giving away the fact that the bulls are getting exhausted and a retracement to $0.4100 in the short-term is imminent. The MACD shows that the bulls still have the power to hold the gains especially if support is established at $0.4200. Other key levels to watch are $0.4100 (next target support), $0.4000 and $0.3900 (recent key support zone).
XRP/USD 1-hour chart
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