Ripple price analysis: XPP/USD defiantly flexing bullish muscles
|- Ripple triangle breakout opens the path towards $0.32 (target).
- XRP/USD is strongly bullish with all indicators aligning for continued upward movement.
Ripple bulls are doing their best to break away from the general consolidation phase witnessed across the weekend. Major cryptocurrencies remained depressed following the recent slump. However, XRP is commencing the week’s trading with a 2.38% increase in value.
The breakout out is part of the higher low pattern that has been forming since the devastating plunge on September 24. The price is trading above the Simple Moving Averages (SMAs) whereby the 50 SMA on the four-hour chart will offer support at above $0.27 and the 100 SMA at $0.26.
Also influencing the breakout is the correction from the symmetrical triangle. If XRP clears the resistance at $0.29 and rises towards $0.30 then achieving a high above $0.32 (breakout target) is possible). Meanwhile, the existing trend is strongly positive with the Relative Strength Index (RSI) moving towards the overbought.
XRP/USD 240' chart
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