• XRP price strikes support at the support framed by the 38.2% Fibonacci retracement at $1.06 and the psychologically important $1.00.
  • Ripple defining a symmetrical triangle continuation pattern on the intra-day charts.
  • Golden Cross signal looming as the 50-day simple moving average (SMA) approaches the 200-day SMA.

XRP price has spent this week consolidating last week's 65% gain while testing the validity of the support now offered by the psychologically important $1.00 and the 38.2% retracement at $1.06. The consolidation has taken the form of a symmetrical triangle pattern on the intra-day charts, projecting bullish outcomes for Ripple moving forward.

XRP price quietly waits for a resurgence of buyers

XRP price has climbed 160% from the July 20 low to the August 15 high, busting the omnipresent resistance attributed to the inverse head-and-shoulders neckline and the 200-day SMA, and carrying Ripple to the 50% retracement of the April-July cyclical correction at $1.23. 

The ongoing consolidation that has followed the extreme overbought reading on the daily Relative Strength Index (RSI) is designing a symmetrical triangle continuation pattern between the 38.2% retracement and the 50% retracement levels.

The measured move of the symmetrical triangle is 22% from the descending trend line, forecasting an XRP price target of $1.54. A test of the measured move target of $1.54 would overcome resistance at the 61.8% extension at $1.40 and place Ripple close to the 78.6% retracement at $1.65.

A breakout from the symmetrical triangle in the next few days would coincide with a bullish Golden Cross pattern on the daily chart, increasing the confidence in the breakout and rally.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

As part of the consolidation, Ripple has released some of the price compression generated by the 160% advance. The daily RSI has now fallen out of the overbought territory, creating the space for a new surge of momentum and higher prices.

XRP/USD daily chart

XRP/USD daily chart

Fundamental to the bullish outlook is the strength of the $1.00-$1.06 support. A daily close below the range would introduce a bearish twist that may jeopardize the rally’s sustainability. Downside targets include the 200-day SMA at $0.84 and the 50-day SMA at $0.78.

XRP price continues to flex a bullish posture, discovering support at a crucial support range, releasing price compression and plotting a bullish continuation pattern. The measured move target is $1.54, but based on the persuasiveness of the rally to date, Ripple should have no difficulty reaching $1.65 before a meaningful pullback will materialize.

Here, FXStreet's analysts evaluate where Ripple could be heading next as it seems primed to breakout.


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

AVAX price edges closer to 40% breakout as Avalanche allocates $3 million to Stake DAO

AVAX price is teetering below the upper trend line of a parallel channel, hinting at a breakout. A decisive close above $61.09 will confirm the start of an uptrend to $75.32. Avalanche Foundation is allocating $3 million as incentives across all Stake DAO Avalanche strategies.

More Avax news

Bitcoin investment inflows soar as analysts predict another BTC ETF launch later this week

The first Bitcoin ETF is ready for its debut on the NYSE on October 19, marking a significant milestone in the crypto industry. A Bloomberg analyst suggests that another Bitcoin ETF could begin trading later this week ...

More Bitcoin news

Litecoin Price Prediction: LTC on the cusp of 26% breakout

Litecoin price is on the penultimate leg of a technical formation that will catalyze a quick bull rally. LTC needs to clear one critical hurdle to kick-start a run-up to levels last seen more than a month ago. A breakdown of $165.28 will create a lower low, invalidating the bullish thesis.

More Litecoin news

US Treasury highlights crypto as threat that could harm efficacy of sanctions

The US Treasury Department has issued a review of sanctions for 2021, expressing some concerns that could undermine its strength and trust. ryptocurrencies were viewed as a threat as its adoption continually increases. The department stressed the need for better communication and ...

More Shiba Inu news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast