- Ripple seeks support after rejection from the new July high around $0.2250.
- Consolidation is likely to carry the day as per the sidelong moving MACD.
Ripple made a comeback above $0.20 last week. However, the price action stalled before hitting the previous July high around $0.21. The weekend session built on the progress made along the week, pushing XRP to $0.2250. The gains were not unique to XRP/USD as other major cryptos like Bitcoin and Ethereum broke out massively as well.
While Ethereum and Bitcoin continued rallying Monday, Ripple dealt with an increase in selling activity during both the Asian and the European sessions. At the time of writing, the price is teetering at $0.2177 amid building bearish momentum.
The declines are likely to continue in the near term as observed with the RSI as it retreats from levels close to the overbought. Possibly, a sideways trading action will take point according to the MACD. This indicator is holding the ground above the mean line.
Glancing upwards, the formation of a short term triangle pattern hints towards a potential breakout that could retest the new July high at $0.2250. On the downside, support is anticipated at $0.2150 (triangle support), $0.2157 (50 SMA) and the 100 SMA (around $0.21).
XRP/USD 1-hour chart
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