- Ripple price bounces off last week’s support at $0.19 but recovery stalls under $0.1950.
- XRP/USD is grinding towards a possible falling triangle breakout, targeting $0.21.
Ripple price revisited the support at $0.19 during the weekend session. The breakdown occurred following the failure to break the support at $0.21. Recovery from the support is gradual but steady. XRP/USD is exchanging hands 0.85% higher on the day. The intraday high at $0.1943 is the short term seller congestion zone.
XRP/USD is doddering at $0.1941 amid calls from buyers to push the price above $0.20. The RSI has recovered slightly from the average (50). If the upward trend continues in the European session, Ripple could indeed bring down the sellers’ camp at $0.20 (50 SMA in the 4-hour range).
Glancing upwards, a falling triangle pattern hints towards a breakout in the near term. As soon as the triangle resistance is in the rearview, the bulls would begin to shift their attention to levels beyond $0.21 as well as $0.25. More selling pressure is expected at the 100 SMA ($0.2016).
Ripple confluence levels
Resistance one: $0.1970 – Home to the Fibo 61.8% one-week and the Bollinger Band one-hour middle curve indicators.
Resistance two: $0.2011 – Highlighted by the SMA 50 4-hour, Fibo 38.2% one-week and the SMA 200 one-hour.
Support one: $0.1930 – This region hosts the Bollinger Band one-hour lower, the previous low one-day and the Bollinger Band 4-hour lower.
Support two: $0.1909 – Highlighted by the pivot point one-week support two and the pivot point one-day support three.
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