- XRP has been trading inside an ascending triangle pattern on the daily chart for several weeks.
- Bulls have defended the lower trendline of the pattern and are targeting a breakout above $0.26.
XRP is currently trading at $0.252 after successfully defending a critical support level at $0.247. In the past two weeks, the digital asset has been rejected from the upper boundary of the daily ascending triangle around ten times.XRPthe digital asset has been rejected from the upper boundary of the daily ascending triangle around ten times.
XRP needs to break the $0.26 resistance level to reach $0.30
Bulls have defended the support level at $0.247, which coincides with the 50-SMA. The daily MACD remains bullish and will gain some momentum after the rebound in the past 24 hours. The critical resistance level is still located at $0.26.
XRP/USD daily chart
The resistance at $0.26 also coincides with the 100-SMA. A daily candlestick close above this point can drive the price of XRP up to $0.30. However, bulls need to ensure that XRP will not experience another fakeout as the one seen on October 22.XRP
Can bears hold this short-term resistance level?
On the 4-hour chart, the rebound seems to have been stopped by the 50-SMA at $0.252, acting as a strong resistance level. Additionally, the MACD turned bearish on October 23 and has remained that way ever since.
XRP/USD 4-hour chart
Rejection from the 50-SMA at $0.252 can push XRP down to the ascending triangle's hypotenuse at $0.247. Moving past this critical support level can lead to a steep correction towards $0.213.