- Summary:
- Ripple price benefitted from the rally on Ethereum today. In fact, XRPUSD looks like it's about to pose an upside break on the symmetrical triangle.
rwRipple price is up over 3% in today’s trading as the cryptocurrency trades at $0.2080. It seems to have benefitted from news that Ethereum will see a major upgrade soon. It is said that Ethereum 2.0 will include proof-of-work (PoW) algorithm which would allow it to process significantly more transactions.
Ripple Price Outlook
XRPUSD rose from $0.2113 to $0.2206 following the news. In fact, ripple price is now testing the trend line resistance which I pointed out yesterday. Looking closely at the hourly time frame, we can see that a symmetrical triangle has materialized. In forex trading, this is considered as a neutral chart pattern. The lower highs indicate that there are sellers in the market while the higher lows also point at the presence of buyers. Now, a breakout is needed for us to determine which direction XRPUSD will head to.
A bullish close above today’s Asian session highs at $0.2206 will have already invalidated the trend line resistance and the cryptocurrency may soon be headed to its January 6 highs at $0.2244. On the other hand, if XRPUSD falls to support at the bottom of the triangle at $0.2122, a bearish close below it could mean that sellers may push it down to its January 10 lows at $0.2004.
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