- Ripple recovers slightly from support at $0.1750 but price action is limited under $0.20.
- The formation of a symmetrical triangle pattern suggests that a breakout is in the offing.
Ripple is in the middle of a consolidation phase after a recent attempt to break the resistance at $0.20 failed to materialize. Instead, the bears overpowered the buyers forcing a reversal under $0.19. Fortunately, higher congestion of buyers at $0.1750 prevented further action to the south. Meanwhile, XRP/USD has recovered by 1.65% on Tuesday to exchange hands at $0.1848 during the European session.
The daily chart shows the price is battling to stay above the 50 SMA. Sustained movements above the moving average could place XRP in a trajectory towards $0.20. At the same time, the MACD shows that the price is largely in the hands of the buyers. The indicator has crossed into the positive zone after a gradual recovery from March lows at -0.02897.
Ripple is trading within the apex of a symmetrical triangle pattern. As consolidation takes precedence, a breakout above the triangle resistance is the offing and could majestically push XRP/USD into a path to $0.25.
XRP/USD daily chart
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