Ripple market update: XRP/USD faces acute resistance at $0.48
|- The broad-based bullish momentum sends propels XRP towards $0.4800 hurdle.
- Impending triangle pattern coupled with the current technical levels could push Ripple towards $0.5000.
XRP/USD appreciated in value on Wednesday in tandem with Bitcoin extended gains above $12,000. Ripple revamped the uptrend from $0.4500 support stepping above both the 50 Simple Moving Average (SMA) as well as the 100 SMA 1-h. The additional grip on the price pulled the price closer to $0.4800 but XRP failed to make any headway above the hurdle.
At the moment, XRP exchanges hands at $0.4745 amid a building bearish trend. However, a contracting triangle, which is approaching a breakout means that a break above the trendline resistance could ignite more gains heading to the coveted $0.5000 level.
Technically, XRP/USD is poised for growth in value in the coming sessions in spite of the recent corrections. The Moving Average Convergence Divergence (MACD) is holding position above the mean line with the increasing divergence proposing continued control by the bulls. Similarly, the current Relative Strength Index (RSI) trend shows a strong momentum in action. Therefore, the path of least resistance is upwards sideways for now and in the near-term.
XRP/USD 1-h hour
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