Ripple dancing at the apex of a symmetrical triangle pattern’s apex.
XRP settles above $1.5 as bulls look forward to stroking past the stubborn resistance at $1.6.
Ripple’s consolidation between $1.2 and $1.6 is still underway. The massive weekend losses in the cryptocurrency market affected Bitcoin and Ethereum the most as XRP embraced support at $1.3. However, the bearish wave sabotaged the intended upswing to $1.6; thus, a correction kicked off on hitting the resistance at $1.6.
Ripple prepares for colossal price action to $3.5
The cross-border token exchanges hands at $1.52 after stability returned to the market. More importantly, XRP trades at the apex of a symmetrical triangle. This pattern has both a bearish and a bullish impulse.
Two trend lines form the symmetrical triangle, connecting sequential peaks and troughs. As the trend lines converge, the asset tends to consolidate. A breakout comes into the picture when the price strikes above the upper trend line. It is validated by an uptick in trading volume and has an exact target measured from the triangle’s highest to lowest points.
For instance, if Ripple breaks above the triangle’s upper trend on the four-hour chart, it could swing 130% north to trade a new all-time high of $3.5. Meanwhile, the Relative Strength Index (RSI) validates the gradual upward price action by extending its movement above the midline while closing the gap to the overbought region.
XRP/USD four-hour chart
The Moving Average Convergence Divergence (MACD) shines a light on sideways trading, suggesting that it would last longer. The uptrend toward $2 will become apparent as soon as the price settles beyond the seller congestion zone at $1.6.
Ripple intraday levels
Spot rate: $1.52
Support: $1.3 and $1.
Resistance: $1.6 and $2