Search ForexCrunch
  • Ripple steps above $0.19 in tandem with Ethereum’s 2% surge to $249.26 (intraday high).
  • Ripple is grinding into a potential rising triangle pattern breakout likely to shoot it towards $0.1950 and $0.20.

Ripple price has embarked on the ultimate journey towards $0.20 following another shot at the seller congestion zone, $0.19. The recovery commenced in the Asian session on Wednesday but was only able to take down the barrier at $0.19 in the ongoing European session. At the time of writing, XRP/USD is teetering at $0.1904 amid a building bullish momentum.

If the bulls do not lose steam and the technical picture continues to improve, there is a chance that buyers will soon take the fight to $0.1950 and $0.20 resistances. For now, XRP is trading at $0.1903 and toying with a possible rising triangle pattern breakout.

If the triangle breakout fails to materialize, expect consolidation to take precedence in the coming sessions. The RSI has been on an upward roll but is now taking a breath slightly under the overbought region.

Generally, the trend is in the hands of the bulls especially with the MACD settling above the midline. Moreover, minor bullish divergence hints that gains are likely to be contained above $0.19 in the short term.

On the downside, support is expected at the ascending trendline (triangle support). Other key support areas include the 50 SMA ($0.1892), $0.890, the 100 SMA ($0.1884) and $0.1850.

XRP/USD 1-hour chart

XRP/USD price chart