Ripple price analysis: Bullish on Coinbase custody support amid market slight recovery
|- Ripple recent spike retreats into a range supported at $0.46.
- Triangle breakout in the pipeline eyes $0.48 and $0.50.
The market has seen a slight recovery adding $2 billion from $208 billion recorded on Tuesday. Bitcoin (BTC), has also corrected higher reclaiming the broke support at $6,400 and traded highs of $ 6394.66. It is currently sitting comfortably above $6,430 while embracing the trendline support that could lead a breakout above $6,500.
On the other hand, the 3rd largest cryptocurrency, Ripple (XRP) is trading in the green on Wednesday. The asset has been included among the cryptos that will be supported on the newly licensed Coinbase custody services. This week, Ripple continued trading in a bear trend even broke below the support at $0.445 forming a low at $0.4418.
The bulls increased their presence as Ripple embarked on a journey of breaking hurdles. The price trade above the 23.6% Fib level between the highs $0.4810 and lows of $0.4418. Ripple trade highs marginally above $0.475 before settling in a range supported at $0.46. Moreover, the upside has been limited below $0.475. Both the moving averages are limiting gains to the upside. Importantly, a tringle break is in the pipeline on the 15’ timeframe chart while the 38.2% Fib level is holding tight.
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