Search ForexCrunch
  • Ripple’s falling triangle breakout loses momentum within a whisker of the 50 SMA resistance.
  • Ripple price consolidation to last longer especially is the technical picture remains the same.

XRP is also in the red on the third day of this week’s trading. The Asian trading session has been characterized by bearish action where Ripple kicked off the day at $0.2722 but touched an intraday low of $0.2704. A slightly bullish leg rose to $0.2727 before the price adjusted to $0.2712 (current market value).

The third-largest cryptocurrency in the world is extending the consolidation after a falling triangle breakout failed to achieve the desired results. For now, XRP is teetering under the 50 Simple Moving Average on the 1-hour chart. The 100 SMA is standing at $0.2770 below the key resistance at $0.2800.

The Relative Strength Index is gradually slopping upwards at 46. The Indicator retested the oversold (30) yesterday. The MACD is under the mean line, however, grinding north to show that bulls are regaining strength. $0.27 is establishing as a key support area above the$0.2500 (major support).

XRP/USD 1-hour chart