Ripple Price Analysis: XRP/USD delays triangle breakout, retests key support at $0.21
|- Ripple price plunges from Wednesday’s highs at $0.2226 to retest the key support at $0.2100.
- Ripple price could consolidate ahead of the weekend draws but the MACD features a bearish divergence.
Ripple price is pushing the consolidation to the end of the week after a falling triangle resistance became too tough to break. The price keeps narrowing down from the recent highs in April at $0.2350. On the 1-hour chart, XRP/USD is trading below the moving averages. In this case, the confluence formed by the 50 SMA and 100 SMA at $0.2180 stands in the way of upward price action.
Meanwhile, Ripple is exchanging hands at $0.2137. A lower correction from the false break above $0.22 hurdle embraced support at $0.21. The support range we have been exploring since the beginning of May between $0.2050 and $0.2100 is still in place.
The indecision in the market is supported by the sideways action by the RSI. The indicator bounced off support at 30 following the afore-mentioned drop in the price. Unfortunately, the MACD shows that sellers have more influence which could mean [that Ripple is not done with the downside in spite of the minor recovery.
XRP/USD hourly chart
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