- Ripple is dancing at the apex of a symmetrical triangle.
- The 50 SMA protects XRP’s immediate downside on the 4-hour chart.
- The MACD indicators suggest that bulls are in control.
- The symmetrical triangle could lead to a massive breakdown if the lower trendline breaks.
Ripple is trading between two critical levels while sustaining the price at $0.45. The upswing in Bitcoin price on Saturday had minimal impact on XRP. Meanwhile, the cross-border token’s consolidation is most likely to culminate in a significant upswing if a symmetrical triangle breakout comes into the picture.
Ripple looks toward significant liftoff to $0.6
The international remittance token is trading at $0.45 while squeezed between two key levels; the 50 Simple Moving Average (SMA) resistance and the 100 SMA, on the 4-hour chart. A breakout is anticipated above the symmetrical triangle.
The pattern forms in a relatively consolidating market and hints at either a breakout or a breakdown. A breakout occurs when the price crosses above the upper trendline. On the other hand, a breakdown comes into play when the price slices through the lower trendline.
As long as the 50 SMA support stays in place, Ripple will be primed for a 28% upswing on breaking past the descending trendline. The Moving Average Convergence Divergence (MACD) also hints at the trend flipping bullish in the near-term. A MACD cross above the signal, and by extension, the midline would be a huge bullish signal.
XRP/USD 4-hour chart
Looking at the other side of the fence
Ripple will entertain losses if the 100 SMA immediate support breaks. Note that the triangle pattern can also result in a colossal breakdown, measured from the pattern’s highest to lowest points. On the downside, support is anticipated at $0.4 and $0.35, respectively.
