Ripple market update: XRP/USD rejected at the bream of a triangle breakout

Ripple resumes the downtrend after a triangle breakout bounced.
XRP/USD is strongly supported with the first short-term support holding ground at $0.28.

John Isige FXStreet

After leading the recovery on Thursday, XRP bulls are taking a breather before launching another assault. The bullish leg yesterday remarkably stepped above $0.30 but failed to sustain the upward movement.

For this reason, the price is suffering under a relatively strong bearish momentum. From an opening price of $0.3023 XRP ascended to highs of $0.3023 before adjusting to the current market value of $0.2976 after correcting lower 1.45%.

Interestingly, Ripple price is trading above he Simple Moving Averages (SMA). The 50 SMA on the 720-minutes chart and the 1000 SMA have been functioning as support areas since Ripple October 7 when XRP extended the gains from the September lows under $0.20.

The Relative Strength Index (RSI) is in retreat showing that the bears are fighting for revenge. Besides, the failed attempt to break past the symmetrical triangle resistance gave the sellers a gap to explore. Glancing lower short-term support exists at $0.28, the SMAs, $0.24 and $0.22.

XRP/USD 720-minutes chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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