XRP prepares for a giant breakout by aiming for $ 1

• Ripple is consolidating, but a break of the symmetrical triangle could take it to $ 1.
• XRP / USD holds firmly above the 50 SMA on the 4-hour chart.

Ripple has been stable for the past two days, mainly holding the support at $ 0.6. Its upside was limited by seller congestion between $ 0.7 and $ 0.75. Short-term analysis shows that the prevailing consolidation is preparing XRP for a final breakthrough at $ 1.

Ripple is nearing a breakout

The cross-border cryptocurrency is trading at $ 0.61 at the time of writing amidst a side trading action, as evidenced by the Relative Strength Index. The stability in the XRP markets offers enough time for the bulls to plan for the next attack on the key barriers.

The formation of a symmetrical triangle on the daily chart suggests a possible 49% rise towards $ 1. However, for the massive breakout to kick in, XRP must close the day above $ 0.61 and possibly cut the descending trend line.

XRP / USD daily chart

On the 4-hour chart, the 50 simple moving average holds firmly. Ripple must close above this support zone to avoid dips that could sabotage the uptrend. Furthermore, as long as market stability continues, XRP bulls will focus on breaking out of the crucial $ 0.7 to $ 0.75 resistance range.

XRP / USD 4-hour chart

It is worth noting that the symmetrical triangle on the daily chart could result in a downside of 49% if the support of the ascending trend line fails to hold. On the other hand, closing the day below the 50 4-hour SMA could trigger dips to the 100 SMA.

If XRP’s offering increases, the massive allocation will be validated, forcing cross-border digital assets to embark on a revenue-cutting exercise. Last week’s support at $ 0.45 and the 200 SMA will absorb some of the selling pressure.