Ripple Price Analysis: XRP/USD bulls look to break above the triangle formation
- XRP/USD went up from $0.1807 to $0.1908 this Thursday.
- The price broke above the SMA 20 and SMA 50 curves following Thursday’s price action.
XRP/USD daily chart
XRP/USD bulls retained control in the early hours of Friday as the price went up slightly from $0.1908 to $0.1910. This Thursday, the price flew up from $0.1807 to $0.1908 and broke above the SMA 20 and SMA 50 curves. The SMA 20 is also looking to crossover the SMA 50 to chart a bullish cross pattern. The bulls will want to break above the triangle formation and aim for the $0.1987 resistance level. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had seven straight red sessions.
XRP/USD hourly chart
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The hourly price struggled to break above the $0.19087 resistance level before it finally managed to do so. However, it then ran out of steam at the $0.1924 line and dropped back below the $0.19087 line. The 20-day Bollinger jaw has narrowed considerably, indicating decreasing price volatility. The SMA 20 has crossed over the SMA 200 to chart a bullish cross pattern.
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
