- Ripple bulls struggle to keep $0.23 support intact.
- The rising triangle pattern support must be guarded to avert a risky correction under $0.23.
Ripple is ranged confined between $0.21 and $0.2336. The recovery from the low in November around $0.22 lost steam short of $0.24. On the flipside, $0.21 is standing out a formidable support area.
The weekend session was relatively bullish but the attempt to break the range resistance failed. XRP/USD retreated under $0.23 as the bulls sort for balance. The immediate downside is protected by the short term ascending trendline. The 50 SMA on the 4-hour chart and the 100 SMA at $0.2232 and $0.2246 respectively are in line to provide support.
The RSI downward slopping movement signals incoming selling activity. Besides, if the rising triangle support fails to hold, XRP could spiral below the crucial support at $0.21. Moreover, with the 50 SMA below the 100 SMA, selling influence cannot be ignored in the current and coming sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.