Ripple market overview: XRP/USD triangle support breach risks breakdown

Ripple news driven surge has already weakened giving way to losses. I would like to think traders rushed to take profits following more than a week of the price being pivotal at $0.40. With recent support formed at $0.39, Ripple revived the uptrend above $0.40 and this time, the third largest crypto was unstoppable hitting highs slightly above $0.46.

Ripples recent surge was partly driven by Bitcoin’s weekend surge as well as the news of the company partnering with MoneyGram; the second largest money transmission company with presence in more than 200 countries. The partnership will see both firms collaborate on cross-border remittance mainly using Ripple’s XRP powered xRapid.

Meanwhile, XRP is trading at $0.4295 moments after dropping below the contracting triangle support. Fortunately, the rising bull presence on the market is pushing for a correction upwards. Marginally above the current value is the first resistance made by a confluence of the 50 Simple Moving Average (SMA) and the 100 SMA at $0.4322.

The double cross by the 50 SMA under the 100 SMA means that bear influence is still quite present. Ripple must clear the resistance at $0.44 in order to open the path towards $0.46 hurdles and eventually $0.50.

XRP/USD 1-h chart