Ripple Price Prediction: Monthly ascending triangle defends XRP bulls
- XRP/USD fades upside momentum, snaps two-day winning streak.
- Strong RSI, convergence of 100-bar SMA, three-week-old support line challenge bears.
- Upward sloping 200-bar SMA adds to the downside filters.
- Short-term triangle resistance guards recovery moves ahead of monthly top.
XRP/USD sellers attack the $0.5500 threshold during the latest pullback amid early Tuesday. In doing so, the ripple prices step back from a three-week-old ascending triangle’s resistance line.
However, strong RSI conditions join 100-bar SMA and the stated triangle’s support near $0.5300, to challenge the XRP/USD bears.
If at all the XRP/USD prices drop below $0.5300, a 200-bar SMA level of $0.4340 will question the sellers targeting the monthly low of $0.3405.
Meanwhile, recovery moves may again target the stated triangle’s resistance, around $0.6450.
Though, any further upside will have to cross the monthly top surrounding $0.7565 to keep the XRP/USD bulls happy.
Overall, ripple is on the positive side of the momentum but lacks courage off-late.
XRP/USD four-hour chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
