Ripple market overview: XRP/USD shoots over 5% on Monday

Symmetrical triangle breakout catapults XRP above $0.27.
XRP's short-term target is $0.28 while keeping the price above $0.27 is the toughest short-term task.

Ripple is outperforming other major coins on Monday at the beginning of the European session. The crypto’s price action over the weekend has been relatively stable. XRP managed to sustain stability even as Bitcoin and Ethereum’s values thinned. XRP/USD has extended the bullish action from its opening price of $0.2556 to the intraday high of $0.2714.

At the time of press, Ripple is trading at $0.2671 amid a strong bullish action. The price is above the short-term simple moving averages. The 50 SMA on the one-hour chart currently at $0.2545 and the 100 SMA at $0.2523 are in line to offer support.

In spite of the rejection under $0.27, Ripple bulls managed to sustain a relative uptrend above an ascending trendline. The lower high pattern also contributed to the formation of a symmetrical triangle pattern that has led to the breakout being witnessed currently.

The relative strength index clearly shows Ripple bulls are in charge. The indicator is moving higher inside the overbought. On the contrary, a reversal could be underway as Ripple hits short-term overbought levels. Meanwhile, the target is set on $0.28 while the hardest task is to keep XRP above $0.27.

XRP/USD one-hour chart

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