Ripple price update: XRP/USD triangle breakout revives bullish interest
|- Ripple extends the breakout above the symmetrical triangle but fails to step above the 100 SMA.
- Technical analysis shows that selling activity is present and recovery will not come easy for XRP.
Ripple is once again at the helm of the cryptocurrency market recovery. The third-largest digital asset in the world is up over 1% amid the broad-based consolidation. The bullish action from the opening price of $0.2212 has eyes on $0.2300 but has ascended to highs around $0.2243. The volatility is expanding in tandem with the bullish trend.
The price action follows a break above a symmetrical triangle pattern. XRP also enjoyed additional boost after stepping above the 50 SMA on the 1-hour chart. Trading at $0.2238, the immediate upside is limited by the 100 SMA holding ground at $0.2249.
The RSI tried and failed to enter the oversold region. Instead, a reversal is ongoing, which hints XRP’s short-lived breakout. Besides, the wide gap between the 50 SMA and the 100 SMA signifies the immense presence of sellers on the market.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.