Ripple has been one of the better-performing altcoins but it looks like the bearish pressure is also starting to creep in. Price has been consolidating inside a symmetrical triangle pattern and is now testing support at the .4350 area.
A bounce could still take XRP back up to the triangle top at .5000 and the moving averages suggest that this is possible. After all, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, support is more likely to hold than to break.
Stochastic is heading lower to reflect the presence of bearish pressure and has some room to move south before indicating oversold conditions. This means that sellers could still have some energy left to push for a downside break before letting buyers take over.
RSI is also heading down so XRP might follow suit until oversold conditions are seen. Even then, the oscillator would need to pull up from the oversold region to signal a return in bullish momentum and a possible bounce. A break below support could lead to a drop that’s the same size as the triangle, which spans .3500 to around .6000.
Unlike most of its cryptocurrencies that have been tumbling below long-term support zones, Ripple has been fighting to keep its head above water. However, price has broken below a short-term rising channel to signal that bears are trying to get the upper hand. Still, it’s worth noting that XRP has overtaken ethereum in crypto rankings based on total market cap and might even be poised to steal the top spot from bitcoin.
If that happens, Ripple could be poised to take flight as investors transfer their holdings to XRP. Note that the company continues to land partnerships left and right, with its xRapid platform to look forward to.
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