Ripple Price Analysis: XRP/USD flashes breakout signals
|- Ripple price grinds towards an impending triangle breakout.
- The RSI hints that the buyers are gaining ground against the sellers.
Cryptocurrencies are flexing their bullish muscles on Friday in the course of the Asian trading session. The top three cryptocurrencies, Bitcoin, Ethereum and Ripple, are posting subtle gains on the day. In particular, Ripple is flying the bullish flag 0.85% high on the day after correcting from the initial value of $0.2238 to an intraday of $0.2258. XRP has adjusted to a market value of $0.2256 amid high volatility.
The short term 1-hour chart shows XRP fostering a subtle upward recovery above an ascending trendline. However, the movement north continues to be limited by a descending trendline. Consequently, the trendlines meet to form a triangle pattern.
Meanwhile, Ripple is trading above the moving averages, whereby the 50 SMA on the 1-hour chart is providing support at $0.2250. The longer-term 100 SMA will offer support in the event of a reversal heading to $0.22.
The upward trending RSI suggests that the buyers are gaining ground against the bears. If the move continues, XRP could eventually breakout above the triangle resistance and extend the bullish leg in the direction of $0.30.
XRP/USD 1-hour chart
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