Ripple Price Analysis: XRP/USD Breakout to $0.26 Supply Zone Still LingersTrading
- Ripple price lags a triangle pattern breakout but the short-term upside target remains at $0.26.
- The main trendline came in handy on Thursday defending XRP from losses under $0.24; the trend is expected to continue offering support.
Ripple is among a few cryptocurrencies that are trying to shake the ground. The price is slightly in the green on Friday; XRP having corrected higher a subtle 0.25%. However, the bears seem to be making a comeback and a reversal could be underway.
As shared in the cryptocurrency market update earlier, Ripple hit an intraday high of $0.25 during the Asian session. Consequently, the European session is kicking off with Ripple staring into a breakthrough that could propel it to highs above $0.26 (supply zone).
A formed symmetrical triangle pattern is approaching breakout. However, it depends on the XRP’s ability to clear the resistance at the 100 simple moving average (SMA) on the one-hour chart currently at $0.25.
A broader look at the chart shows the price having defended the man trendline support on Thursday. The short-term building bullish momentum could easily push XRP to new intraday highs on Friday, especially if the relative strength index (RSI) continues with the current trend towards the overbought region (70 and above).