Ripple price analysis: XRP/USD mundane trading lags triangle breakout
|- XRP/USD tried to clear $0.3175 but failed, leaving a gap now being explored by the bears.
- Ripple’s mundane sideways trading could last longer in the coming sessions.
Ripple price hovers above $0.310 following a brief but impressive recovery from the lows yesterday at $0.3119. Correction above the 100 Simple Moving Average (SMA) 1-hour chart fueled the price above $0.3150 short-term resistance. XRP/USD tried to clear $0.3175 but failed; leaving a gap for the bears to make an entrance.
Looking at the hourly chart, a short-term support is provided by the 100 SMA 1-hour. Trading at $0.3160, Ripple’s upside is capped by the short-term 50 SMA 1-hour. With only one kick above $0.3175, Ripple could ravage through the triangle resistance and relaunch XRP above $0.32 and beyond.
In a technical perspective, Ripple’s mundane sideways trading could last longer in the coming sessions. The Moving Average Convergence Divergence (MACD) currently hugs the mean line (0.0000). Continued leveling will emphasize the sideways trend as shown by the Relative Strength Index (RSI).
XRP/USD 1-hour chart
In other news, Ripple has unlocked XRP coins worth $314 million from its escrow accounts. This is not new as it is done monthly to ensure that XRP coins are sold to institutional buyers and other crypto exchanges. In the Q2 of 2019 Ripple sold $251.51 million worth of XRP. However, the firm announced that it will be taking a conservative approach towards the monthly offload of XRP tokens.
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