- Ripple extends the breakout above the symmetrical triangle but fails to step above the 100 SMA.
- Technical analysis shows that selling activity is present and recovery will not come easy for XRP.
Ripple is once again at the helm of the cryptocurrency market recovery. The third-largest digital asset in the world is up over 1% amid the broad-based consolidation. The bullish action from the opening price of $0.2212 has eyes on $0.2300 but has ascended to highs around $0.2243. The volatility is expanding in tandem with the bullish trend.
The price action follows a break above a symmetrical triangle pattern. XRP also enjoyed additional boost after stepping above the 50 SMA on the 1-hour chart. Trading at $0.2238, the immediate upside is limited by the 100 SMA holding ground at $0.2249.
The RSI tried and failed to enter the oversold region. Instead, a reversal is ongoing, which hints XRP’s short-lived breakout. Besides, the wide gap between the 50 SMA and the 100 SMA signifies the immense presence of sellers on the market.
XRP/USD 1-hour chart
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