- The XRP course does not provide a clear direction.
- The cops breathe after a 161% rally.
- As long as Ripple cannot break the $ 1.28 mark, the token will remain trapped in a symmetrical triangle pattern.
XRP price remains undecided and is trapped in a consolidation pattern. Ripple is likely to continue to move sideways as it sees lower highs and higher lows. As long as there are no clear indications of a direction, the token for cross-border transfers shuttles back and forth between two technical levels.
XRP course looking for direction
Trapped in a symmetrical triangle pattern on the 4-hour chart, XRP price is consolidating after rising 161% from the July 20th low. After the enormous rally, the momentum of the Ripple price is weakening and there is indecision about the next step.
The prevailing technical pattern suggests that XRP price will continue to move sideways within the upper and lower boundaries of the triangle until Ripple makes a clear break outside of those levels.
Right now, the XRP price is finding major support from the 100-hour simple moving average (SMA) at $ 1.13. Breaking below this level could expose Ripple to the next line of defense near the lower trendline of the triangle at $ 1.11.
Further selling pressure could push XRP price towards the 61.8% fibonacci expansion level at $ 1.10, which is also supported by the support line indicated by the Momentum Reversal Indicator (MRI), indicating strength around that support line.
XRP / USDT 4-hour chart
On the flip side, the XRP price faces strong resistance at $ 1.19, where the 20 and 50 SMAs meet on the 4-hour chart. Ripple could feel further pressure below the 78.6% fibonacci expansion, which is also a hurdle for the token.
If buyers manage to drive prices higher against the overwhelming odds of sellers, XRP price should hit the upper limit of the triangle at $ 1.28 with a jump of 12%, where it hits the resistance line set by the MRI meets.
Further upward movements are currently not expected in view of the declining Ripple trading volume. XRP price is likely to continue trending sideways until a clear breakout occurs above the relevant technical levels indicated by the symmetrical triangle pattern.