XRP/USD gazes on a risky triangle breakdown

Fibo Quantum

  • Ripple bulls struggle to keep $0.23 support intact.
  • The rising triangle pattern support must be guarded to avert a risky correction under $0.23.

Ripple is ranged confined between $0.21 and $0.2336. The recovery from the low in November around $0.22 lost steam short of $0.24. On the flipside, $0.21 is standing out a formidable support area.

The weekend session was relatively bullish but the attempt to break the range resistance failed. XRP/USD retreated under $0.23 as the bulls sort for balance. The immediate downside is protected by the short term ascending trendline. The 50 SMA on the 4-hour chart and the 100 SMA at $0.2232 and $0.2246 respectively are in line to provide support.

The RSI downward slopping movement signals incoming selling activity. Besides, if the rising triangle support fails to hold, XRP could spiral below the crucial support at $0.21. Moreover, with the 50 SMA below the 100 SMA, selling influence cannot be ignored in the current and coming sessions.

XRP/USD 4-hour chart

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