XRP/USD Inches Closer To A Triangle Breakout

• A break above the triangle resistance is likely to stage another recovery move.
• The short-term technical picture is strongly positive according to technical indicators like the RSI.

XRP/USD opened the session today at $0.3112 and corrected to an intraday high at $0.3163. At press time, Ripple has risen in value by 1% to exchange hands at $0.3146. Looking back at the weekend sessions, Ripple spiked to test the hurdle at $0.32 before the trend reversed towards $0.31 support.

However, the bullish momentum sweeping across the market on April 1 put an end to the downtrend allowing the buyers to increase their entries. The move to the upside broke above the simple moving averages resistance before forming a high at $0.3163 (trendline resistance). The retracement from the high was supported by both the 50 SMA (in blue) and the 100 SMA (in red) 15-minutes timeframe.

At the moment, there is an ongoing momentum grinding closer to the triangle resistance on the 15-minutes chart. A break above the triangle resistance is likely to stage another recovery move above the intraday high and the weekend high.

The short-term technical picture is strongly positive according to technical indicators like the RSI. The indicator is still in an upward trajectory despite having entered the overbought. Besides, the MCAD on the same chart is also in an upward trajectory after finding balance at the mean-line (0.0).

XRP/USD 15' chart

Image sourced from Pixabay