Ripple’s XRP targeting another breakout

0
62

  • The gains yesterday saw XRP step slightly above $0.32 before coming to a halt at $0.3210.
  • A correction above the triangle resistance could ignite more gains for XRP.

Ripple’s XRP resumed the uptrend on Tuesday following the declines that prevailed on Monday. The bullish momentum has been erratic with most digital assets unable to sustain gains. XRP recently tested the key resistance at $0.35 but the trend turned bearish and trimmed gains towards the support at $0.30.

The gains yesterday saw XRP step slightly above $0.32 before coming to a halt at $0.3210. This paved the way for the bears to take charge. XRP/USD deflated below the weak support at $0.3160 and $0.3140. Fortunately, a short-term bullish trendline worked as a bouncing wall for the price. There has been a correction above $0.3140. Ripple’s XRP is battling with the resistance at $0.3160.

Moreover, the cryptocurrency is looking out for another breakout from the completed contracting triangle pattern. A correction above the triangle resistance could ignite more gains for XRP to retrace its steps towards the critical $0.35. The building bullish trend is immediately supported by the 50 Simple Moving Average (SMA)  on the 15-minutes chart and the 100 SMA at $0.3149 and 0.3146 respectively. Other support areas include 0.3120, $0.3100 and $0.3000.

XRP/USD 15-minutes chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Source