Ripple Price Analysis: The descending triangle pattern is breaking on the 4-hour chart

• Ripple is trading 0.87% higher as most of the crypto majors trade positively.
• There is an ascending triangle that has now been broken on the 4-hour to the upside.

XRP/USD 4-hour chart

Ripple is still in a good uptrend despite some lower highs being printed on the 4-hour chart. Now there is an ascending triangle chart pattern that has developed on the 4-hour chart. The price has just printed above the pattern albeit just slightly it would be wise to wait for the close as a confirmation of the signal.

Another plus point for the bulls is the fact that the price has moved away for the 55 exponential moving average (EMA). The EMA had been used a few times as support already and it seems to have done a good job this time out. 

Lastly, the indicators both have positive elements. The volume is increasing as the price is moving out of the pattern. This is a signal the move is the “real deal” so to speak. The RSI is also in a positive zone above the 50 mid-line and overstretched in the overbought zone.

Additional levels