XRP/USD was not unaffected by the sell of in cryptocurrencies this week. With a high this year close to $2, price so far had already made a strong pull back towards $0.88. With the sell off in cryptocurrencies this past week, XRP/USD made a new lower low at $0.83, but the stay below $1 was short lived.
XRP so far remains above our key support area of $0.65-$0.75 which was once a major resistance. Staying above this support area is key for the bullish trend we believe started this year. Taking a closer look we observe a possible triangle pattern being formed in XRP/USD.
In both pull backs, the price was supported below $1 and the stay below this price was very short. This is promising and confirms that important support by the lower triangle boundary. Price on the other hand got rejected at $1.70 area and this also confirms the importance of resistance. Breaking above the upper triangle boundary is key for the continuation of the up trend. Will a SEC settlement be spark that ignites the next upward move? Or will failure to bring a close to this case will make price continue to trade sideways for a few more months?
