Ripple market overview: XRP/USD triangle support breach risks breakdown
|- Ripple recently revived the uptrend above $0.40 and this time, it was unstoppable hitting highs slightly above $0.46.
- The surge was partly driven by Bitcoin’s weekend surge as well as the news of the company partnering with MoneyGram.
Ripple news driven surge has already weakened giving way to losses. I would like to think traders rushed to take profits following more than a week of the price being pivotal at $0.40. With recent support formed at $0.39, Ripple revived the uptrend above $0.40 and this time, the third largest crypto was unstoppable hitting highs slightly above $0.46.
Ripples recent surge was partly driven by Bitcoin’s weekend surge as well as the news of the company partnering with MoneyGram; the second largest money transmission company with presence in more than 200 countries. The partnership will see both firms collaborate on cross-border remittance mainly using Ripple’s XRP powered xRapid.
Meanwhile, XRP is trading at $0.4295 moments after dropping below the contracting triangle support. Fortunately, the rising bull presence on the market is pushing for a correction upwards. Marginally above the current value is the first resistance made by a confluence of the 50 Simple Moving Average (SMA) and the 100 SMA at $0.4322.
The double cross by the 50 SMA under the 100 SMA means that bear influence is still quite present. Ripple must clear the resistance at $0.44 in order to open the path towards $0.46 hurdles and eventually $0.50.
XRP/USD 1-h chart
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