Ripple price analysis: Impending breakout around the corner
|- Bitcoin and Ethereum lead crypto carnage as XRP/USD finds support at $0.435.
- The 50 SMA is immediately capping gains while the 100 SMA offers support.
Ripple is maintaining the trading in the green on Tuesday in the wake of the impromptu breakdown on Monday 29. Ripple embarked on a downward spiral that saw it record declines over 5% in less than one hour. The losses were not unique to Ripple because the entire market experienced a drop as well. Bitcoin, for example plunged from trading above $6,380 only to find a balance around $6,200. Ethereum, slipped below $200 after a couple of weeks of consolidation.
Meanwhile Ripple is trading marginally higher considering yesterday’s support at $0.435. The buyers have been in control battling to reclaim the levels past $0.46. However, the upside is capped by the descending trendline. The asset has traded the highs of $0.4508 on the day but due to the subtle bear pressure XRP/USD is changing hands at $0.445.
At present, the price is locked between the moving average support and resistance. The 50 SMA is immediately capping gains while the 100 SMA anchoring on the downside. The prevailing trend faintly bullish with the RSI making it above the 50% market. Likewise, the MACD is ranging around the mean line 0.0.
There is a contracting triangle approaching a breakout in the short-term but first the buyers must clear the resistance at the 50 SMA on the 15-minutes chart. Creating a support above $0.45 will open the way for gains heading to the supply zone at $0.46 and eventually $0.50.
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