- Ripple consolidates above $0.20 following last week’s rejection from $0.2150.
- XRP/USD consolidation delays a possible triangle breakout, targeting $0.2150 and $0.25.
Ripple is in consolidation above $0.20 for the second week in a row. Advancement to the north has lost steam short of $0.21. The European session is characterized by a building bullish momentum. The low volume hints that gains will remain limited in the near term. For now, the price is trading between the 50 SMA resistance and the 100 SMA support in the 4-hour range.
Ripple’s triangle pattern
The rally in the first week of June made an attempt to break above the descending trendline resistance but failed, resulting in losses that have been contained above $0.20. Meanwhile, triangle support has continued to hold its ground, preventing declines back to $0.19. On the upside, it has become increasingly difficult to sustain gains, thus delaying the symmetrical triangle breakout, likely to pave the way for gains targeting $0.2150 and $0.25 respectively.
An overview of the applied technical indicators suggests that consolidation would continue. The RSI, however, supports a strengthening bearish grip. Therefore, it is essential that buyers hold support at $0.20 firmly to prevent possible declines. On the other hand, the leveling MACD shows that the choppy markets are here to stay until the time volatility will return the market.
XRP/USD 4-hour chart
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