A strong upward move in XRP/USD at the beginning of the day brought price above $0.52 giving hopes to bulls that it was finally the time for XRP/USD to start its long awaited rally. With most cryptocurrencies having provided huge gains over the past year, XRP/USD was left behind. However initial strength has faded and price is back towards $0.4550.
XRP/USD is still trapped inside the long-term triangle pattern. With resistance by the upper triangle boundary at $0.5330 and support at $0.36 there is no break out yet. Even if price breaks above the upper triangle limit, the double top resistance around $0.75 is the major resistance. As we explained in previous posts, as long as price is below $0.75 XRP/USD will be vulnerable to a move lower. Only a break above $0.75 could ignite a strong rally. In the short-term, today's price action is not very promising for bulls as price has failed to stay above $0.50. Critical support is at $0.42 and as long as price is above this level, there are hopes for an upward break out.
