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Ripple Price (XRPUSD) About to Break Out of Symmetrical Triangle?

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Written By: Angeline Feliciano

Reviewed By: Alejandro Zambrano

Jan 14, 2020, 09:25 GMT 09:25

Ripple XRPUSD

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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Written By: Angeline Feliciano

Reviewed By: Alejandro Zambrano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.