Ripple technical analysis: 50-HMA caps downside following symmetrical triangle breakdown


  • Symmetrical triangle bearish break finds support at 50-HMA on Saturday.
  • Recovery to run into strong resistance near 0.3435 region.

The XRP bears are back in charge following Friday’s 5% rally, knocking-off Ripple (XRP/USD) nearly 1.50% lower so far this Saturday. The third-most traded cryptocurrency is back on the 0.33 handle, tracking the sell-off across the crypto space. Despite the latest declines, the coin trades with a market capitalization of about $ 14.45 billion.

From a technical perspective, XRP/USD broke its overnight consolidative mode to the downside, with a symmetrical triangle breakdown witnessed below the 0.3417 level on the hourly sticks in the opening hours this Saturday. The cryptocurrency saw some follow-through selling interest on the bearish break, only to find some fresh bids at the 50-hourly Simple Moving Average (HMA) now placed at 0.3358 over the last hour.

The bulls are now attempting a tepid bounce and manage to regain the 0.34 handle. But the further upside looks to run into a strong resistance aligned near 0.3435 region, the confluence of the 21-HMA and the ascending trend-line support of the triangle. The buyers will regain complete control above the last, opening doors for a retest of the 0.4000 level.

Should the bulls fail to clear the above-mentioned resistance, the 50-HMA support be back on the radar. Below which, selling pressure is likely to intensify that could put the next support at 0.3181 at risk.

XRP/USD 1-hour chart

 

Levels to watch

XRP/USD

Overview
Today last price 0.3401
Today Daily Change -0.0039
Today Daily Change % -1.13
Today daily open 0.344
 
Trends
Daily SMA20 0.4056
Daily SMA50 0.4141
Daily SMA100 0.3754
Daily SMA200 0.3498
Levels
Previous Daily High 0.3504
Previous Daily Low 0.3197
Previous Weekly High 0.4081
Previous Weekly Low 0.3179
Previous Monthly High 0.5074
Previous Monthly Low 0.3704
Daily Fibonacci 38.2% 0.3387
Daily Fibonacci 61.8% 0.3314
Daily Pivot Point S1 0.3257
Daily Pivot Point S2 0.3074
Daily Pivot Point S3 0.2951
Daily Pivot Point R1 0.3563
Daily Pivot Point R2 0.3686
Daily Pivot Point R3 0.3869

 

 

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