Ripple continues to move sideways in the short term. It seems undecided even if the price of Bitcoin rallied. Technically, the price tries to accumulate more bullish energy before jumping higher.
It stands at 0.4651 at the time of writing. Most likely, the altcoin could continue to move sideways. Ripple is up by 4.27% in the last 7 days but it’s down by 1.05% in the last 24 hours.
XRP/USD Symmetrical Triangle Intact!
Technically, XRP/USD tested and retest 0.4375 registering only false breakdowns. Also, it has failed to stay below the uptrend line signaling upside pressure. As long as it stays above the triangle’s downside line, the price could develop a new bullish momentum.
Its failure to make a new lower low signaled exhausted sellers and strong buyers. Still, a larger growth needs strong confirmation.
Staying above the uptrend line and making a bullish closure above 0.4821 activates further growth in the short term. A larger upside movement could be activated only by a valid breakout through the 0.5582.
The material has been provided by InstaForex Company – www.instaforex.com