Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

  • Ripple’s lingering triangle breakout could touch $0.33.
  • Providing support for Ripple is the 50 SMA above $0.29 and the 100 SMA above $0.28.

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31. A bearish price action tested $0.28 support over the weekend. However, a shallow recovery continues to knock at $0.30.

Amid the consolidation between $0.29 and $0.30, Ripple is lagging a triangle breakout. Trading above the triangle resistance could pull the price to highs above $0.33. On the contrary, if the triangle support caves in, XRP is likely to breakdown towards $0.25.

Meanwhile, technical indicators like the Relative Strength Index (RSI) and the Simple Moving Averages (SMAs) show that the current trend is largely in the hands of the bulls. Offering support on the downside is the 50 SMA on the four-hour chart currently at $0.2918. The 100 SMA support at $0.28 will come in handy in case declines extend under $0.29.

XRP/USD four-hour chart

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