- Summary:
- Ripple price soared in yesterday's trading and XRPUSD broke out of its triangle. As of this writing, the cryptocurrency trades at its 2-month highs.
Ripple Price Analysis – Daily
Remember the symmetrical triangle I pointed out on XRPUSD yesterday? Well, ripple prices soared beyond resistance at the top of the triangle. As of this writing, the cryptocurrency is trading slightly above the $0.2300 handle. The daily time frame also shows that ripple prices are now higher than resistance at the falling trend line from connecting the highs of June 24, October 26, November 7, and January 7. Now, XRPUSD will need to break resistance at the 100 SMA and 200 SMA. If ripple prices can close at $0.2277, the next ceiling will be at the cryptocurrency’s October highs at $0.3278.
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Ripple Price Analysis – Hourly
A closer look at the hourly time frame showed that ripple price has retraced some of its gains back to the 50% Fib level (when you draw from the low of January 14 to its intraday high). Reversal candles at this level may already hint that XRPUSD could soon rally to its two-month highs at $0.2455. However, a deeper pullback to around $0.2150 may also be possible. There is a confluence of support at this level with the 100 SMA and 200 SMA and the trend lines which formed the previous symmetrical triangle.
However, if support at this level does not hold, we may see ripple prices drop to their December lows at $0.1796.