Ripple’s XRP technical analysis: XRP/USD consolidation awaits an explosive breakout
|- Ripple’s XRP failed breakout over the weekend extended the bearish action on Monday.
- After defending the support at the main trendline and $0.2560, the buyers are keen on pushing for a reversal above $0.26 (short-term resistance).
XRP/USD daily chart
XRP is sliding towards a massive breakout as technical levels align.
The minding falling wedge pattern breakout could launch the cryptoasset in a trajectory above $3.0.
XRP/USD 4-hour chart
XRP must clear the descending trendline resistance for a breakout above the critical $0.28 and $0.33 barriers.
Glancing lower, XRP/USD is strongly protected in the zone between $0.24 and $0.2450.
XRP/USD 1-hour chart
The 100 Simple Moving Average double-cross above the 200 SMA at $0.2574 suggests that XRP will consolidate at a higher level in the coming sessions.
An intermediate trendline break extended the bearish action on Monday but the main trendline is working as a bounce wall for the ongoing reversal.
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.