XRP, the cryptocurrency associated with Ripple, has been consolidating at the $0.50 mark for the past few days. The previously spiralling rate has reached a near standstill, and the upcoming actions of Ripple’s price will determine its short-term outlook and whether or not another rally is imminent.

In the past week, Ripple’s worth has been climbing steadily, breaking through multiple significant resistance levels and creating a positive environment for the possible surge that many investors had been waiting for. However, a level of resistance was reached when the cryptocurrency hit the $0.55 mark, stalling the upward momentum.

The 0.5 and 0.618 Fibonacci retracement levels, between the range of $0.47 and $0.4436, could be seen as support should a sudden drop in value occur. The price was seen to be following a symmetrical triangle pattern, which in laymen’s terms is when the price ranges between two converging trend lines. The triangle was eventually broken as the price surged through the upper boundary of said triangle.

This surge had been welcomed by the crypto-investors, but their hopes of seeing XRP climb to a higher level were dashed when the price reached its upper limit in the $0.55 region. The current movements of Ripple’s worth appear to be following a flag pattern, however, if the price can break the confines of this pattern, then investors may see the long-conjectured rally come to fruition. If the predicted does not come to be, the $0.48 region of the 4-hour chart is expected to take action as Ripple’s support system.



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