- Ripple consolidates Friday’s relief rally from weekly lows.
- A stack of support levels caps the downside with neutral RSI.
- 0.1950 is the level to beat for the XRP bulls amid quiet trading.
Having recovered sharply from weekly lows of 0.1846 on Friday, Ripple (XRP/USD) consolidates the relief rally in Saturday’s quiet trading so far, tracking the broad sentiment across the crypto space. The third-most traded cryptocurrency stalled its recovery momentum, as the bulls continued to run into stiff resistance near 0.1950 region. Despite the subdued trading activity, the coin enjoys a market capitalization of about $ 8.35 billion, up nearly 2% over the last 24 hours.
Near-term technical perspective
The prices are trapped in a symmetrical triangle spotted on the hourly sticks, with a sustained break above the descending trendline resistance at 0.1936 likely to confirm the said formation. The bullish breakout will suggest a continuation of the recent recovery in XRP/USD. Therefore, the coin could retest Friday’s high at 0.1941, above which the next resistance is aligned near 0.1950, the confluence of the horizontal trendline and psychological levels.
Should the bulls fail to take-out the 0.1936 barrier, the prices could drop back towards the key 0.1922 demand zone, where the ascending trendline and 200-hourly Simple Moving Average (HMA). A breach of the last would then validate a symmetrical triangle breakdown, opening floors for a test of the 0.1895 pattern target. On its south run, the bears could meet the immediate barrier at the horizontal 100-HMA at 0.1918. A failure to resist the last, the 50-HMA at 1.1908 would come into play.
All in all, the path of least resistance appears to the upside amid major supports aligned on a break lower while the hourly Relative Strength Index (RSI) stays neutral just above the mid-line.
XRP/USD 1-hour chart
XRP/USD key levels to consider