Ripple’s XRP price analysis: Make or break – triangle breakout around the corner

Kraken exchange launches XRP margin trading; market ignores to news.
A correction above the moving averages will allow the buyers to attack the triangle resistance.

Traders of XRP have something to smile about as we usher in the new year. One of the world’s leading cryptocurrency exchanges, Kraken has announced its support for XRP margin trading. The announcement was made via a press release sent to various news outlets and stated:

"We have enabled margin trading for Bitcoin Cash (BCH) and Ripple (XRP)! The addition expands our margin offering to 8 assets."

Read more on that story here

Meanwhile, Ripple’s XRP is closing the year while trading in the red following the rejection it experienced above $0.4. At press time, XRP has corrected lower 2.97% on the day after it opened the day’s trading at $0.3753. The asset is trading at $0.3641 is below the 50 SMA and the 100 SMA on the 60’ timeframe chart. Moreover, since the downward correction from the December highs, XRP has been forming a contracting triangle that is moving towards a breakout in the short-term.

A correction above the moving averages will allow the buyers to attack the triangle resistance. This will place the asset on a recovery path towards the next hurdle at $0.38 and eventually $0.40. The key seller concentration zone is at $0.46; if Ripple’s XRP breaks past this it will come out of the medium term resistance and $0.5 will be quite within reach.

On the flipside, a break of the triangle support will mark the beginning of more break down as the new year begins. However, the buyers will enjoy the support at $0.34 $0.30 and the primary support around $0.28.

XRP/USD 60’ chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.