XRP looks poised for a breakout of $ 0.30

  • XRP has been trading inside an ascending triangle on the daily chart for several weeks.
  • The bulls have defended the lower trend line of the pattern and are aiming for a breakout above $ 0.26.

XRP is currently trading at $ 0.252 after successfully defending a critical support level at $ 0.247. In the past two weeks, the digital asset has been rejected by the upper bound of the daily ascending triangle about ten times.

XRP must break out of the $ 0.26 resistance level

The bulls have defended the support level at $ 0.247, which coincides with the 50-SMA. The daily MACD remains bullish and will gain momentum after rebounding in the past 24 hours. The critical resistance level is still at $ 0.26.

XRP / USD daily chart

xrp price

The resistance at $ 0.26 also coincides with the 100-SMA. A breakout and close above this point can take the price of XRP down to $ 0.30. However, the bulls need to ensure that XRP does not suffer another fakeout like the one on October 22nd.

Can bears maintain this level of resistance in the short term?

On the 4-hour chart, the rebound appears to have been stopped by the 50-SMA at $ 0.252, acting as a strong resistance level. Also, the MACD turned bearish on October 23 and has remained bearish ever since.

XRP / USD 4-hour chart

xrp price

The rejection of the 50-SMA at $ 0.252 can push XRP to the lower trend line of the ascending triangle at $ 0.247. A breakout below this critical support level can quickly drive the cross-border payment giant’s price towards $ 0.213.

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