- Ripple engaged forward gears testing $0.48 resistance.
- The current trend is bullish but the $0.5 is out of reach in the short-term.
Ripple is defying the consolidation wave in the market showing a 2.2 percent rise on Tuesday. Most of the assets in the market are making slight bearish corrections following the upswing on Monday this week. Bitcoin (BTC), for example is trading at $6,430 but the trend is bearish. The second largest crypto Ethereum (ETH) is dancing with $210. The rest of the cryptos in the top bracket are mixed red and green.
Ripple has settled in a contracting tringle pattern pending an upside break that could see it accelerate above the short-term resistance at $0.47. There was a recoil from the 38.2 percent Fib level with the last upswing at $0.489 and a downswing at $0.395 which tested the supply zone at $0.48.
Applied technical indicators on the chart of XRP/USD show that the buyers have the say, at least for now. The MACD is horizontal slightly above the mean line while the RSI is ranging at $57 percent following the retreat from the overbought region in Asian trading hours. The current trend means that Ripple will maintain the high trading levels but a swing to $0.5 is out of reach as of now.
There are several support areas for Ripple (XRP) starting with the weak $0.46, the 50SMA and the 100SMA. The next vital support areas are $0.44 and $0.40. The bullish trendline support is also positioned to work as a support line.
Looking at the chart, a break from the triangle will place XRP/USD on a trajectory to $0.5. Therefore, Ripple bulls must not allow a break below $0.44 in the short-term otherwise, they risk a breakdown to $0.40.
XRP/USD 15-minutes chart