XRPUSD continues to grind higher but still inside the long-term triangle pattern. Price mostly moves sideways over the last few weeks and bouncing up and down withing the triangle boundaries. Since the test of the support at $0.50 was successful, our expectation was to see price move higher towards the upper triangle boundary and the $1 price level. This week XRPUSD reached as high as $0.862.
Green line -support
With the battle against the SEC still continuing, we do not expect to see any clear trade signal or key trend signal unless something concrete comes out against or in favor of Ripple. Technically trend can continue to follow up and down swings within the tightening range of the triangle pattern. Resistance is found at $0.97-$1. Support remains key at $0.50. Each bounce from the $0.50 level lead to a lower high. This is not a positive sign. Nevertheless bulls continue to hope for a bullish turnaround as long as price holds above $0.50.
