Ripple market update: XRP/USD lags the impending symmetrical triangle breakout
|- Ripple short-term movement locked between the simple moving average support and resistance.
- The looming triangle breakout is likely to elevate Ripple's price to highs between $0.26 and $0.2650.
Ripple’s upward movement continues to hit snags even though the market is generally trending north. The price at the time of writing is trading above the simple moving averages whereby the 50 SMA on the one-hour chart is providing immediate support at $0.2521 while the 100 SMA is in line to offer support around $0.2488.
Like a majority of digital assets on the market, Ripple is struggling with increasing selling activities. It has corrected lower 0.25% on the day to trade at $0.2529 after opening the session on Thursday at $0.2536. The prevailing trend is strongly bearish based on the cryptocurrency live rates while the volatility is shrinking.
A forming short-term triangle pattern is approaching a breakout. This follows the trading of a lower high pattern due to the rejection faced around $0.2650. On the downside, XRP is also trending upwards above a short-term accelerated trendline. The breakout from this triangle could propel XRP towards the next hurdle at $0.26-0.2650 (supply zone). On the flip side, if a breakdown occurs XRP is likely to retest the support at $0.2450 and $0.2350 respectively.
XRP/USD one-hour chart
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