XRP price lacks decisiveness, Ripple to move sideways in consolidation


  • XRP price is showing no visible clues as to directional intention.
  • The bulls are catching their breath following a 161% move to the upside.
  • Until Ripple can overcome $1.28, the token will continue to be trapped within the symmetrical triangle pattern. 

XRP price remains indecisive as it is trapped within a consolidation pattern. Ripple is expected to continue to move sideways as it records lower highs and higher lows. Until a clear indication of directional intentions is exhibited, the cross-border remittances token will bank on bouncing between two technical levels. 

XRP price struggles to navigate 

XRP price is trapped within a symmetrical triangle pattern on the 4-hour chart, consolidating after a 161% surge from the July 20 low. Following the tremendous rally, Ripple is seeing its momentum fade and is facing indecision on the next move.

The governing technical pattern suggests that XRP price will continue to move sideways within the upper boundary and lower boundary of the triangle until Ripple makes a clear break outside these levels.

Currently, XRP price is able to find meaningful support via the 100 four-hour Simple Moving Average (SMA) at $1.13. Slicing below this level may expose Ripple to the next line of defense near the lower trend line of the triangle at $1.11. 

Further selling pressure may push XRP price lower toward the 61.8% Fibonacci extension level at $1.10, which is also bolstered by the support line given by the Momentum Reversal Indicator (MRI), suggesting strength in this level of defense.

XRPUSDT

XRP/USDT 4-hour chart

On the flip side, XRP price sees heavy resistance at $1.19, where the 20 and 50 four-hour SMAs meet. Ripple may feel further pressure around this level below the 78.6% Fibonacci extension level, which also acts as a hurdle for the token.

If the buyers manage to lift prices higher against the overpowering distribution of the sellers, XRP price may hope to tag the upper boundary of the triangle at $1.28 with a 12% bounce, where it will be confronted by the resistance line given by the MRI.

Further bullish moves are not expected at the moment, given the decline in Ripple trading volume. XRP price is likely to continue to trend sideways until there is a clear break beyond the governing technical levels indicated by the symmetrical triangle pattern. 

 

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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News

BEST CRYPTO BROKERS/EXCHANGES




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

BTC

ETH

XRP