Ripple’s XRP is closing the year while trading in the red following the rejection it experienced above $0.4. At press time, XRP has corrected lower 2.97% on the day after it opened the day’s trading at $0.3753. The asset is trading at $0.3641 is below the 50 SMA and the 100 SMA on the 60’ timeframe chart. Moreover, since the downward correction from the December highs, XRP has been forming a contracting triangle that is moving towards a breakout in the short-term.
A correction above the moving averages will allow the buyers to attack the triangle resistance. This will place the asset on a recovery path towards the next hurdle at $0.38 and eventually $0.40. The key seller concentration zone is at $0.46; if Ripple’s XRP breaks past this it will come out of the medium term resistance and $0.5 will be quite within reach.
On the flipside, a break of the triangle support will mark the beginning of more break down as the new year begins. However, the buyers will enjoy the support at $0.34 $0.30 and the primary support around $0.28.
A correction above the moving averages will allow the buyers to attack the triangle resistance. This will place the asset on a recovery path towards the next hurdle at $0.38 and eventually $0.40. The key seller concentration zone is at $0.46; if Ripple’s XRP breaks past this it will come out of the medium term resistance and $0.5 will be quite within reach.
On the flipside, a break of the triangle support will mark the beginning of more break down as the new year begins. However, the buyers will enjoy the support at $0.34 $0.30 and the primary support around $0.28.
