XRP Technical Analysis: Buyers Attempt Redemption

The Ripple (XRP) price action shows a 50-day EMA breakout to challenge the resistance trendline of the triangle pattern. Will buyers manage a breakout rally? The XRP technical analysis shows a symmetrical triangle in the daily chart, and the recent bull cycle teases a breakout. However, the increased selling at the resistance trendline delays the bullish breakout and teases a bear cycle. So, should you avoid taking an early bullish entry? Key Points: The Ripple prices resonate within a triangle pattern. The bullish reversal struggles to close above the resistance trendline. The intraday trading volume in Ripple is $1.35 billion. Source – TradingView XRP Technical Analysis The XRP price action displays a symmetrical triangle pattern forming in the daily chart over the past few months. The recent bull cycle results in an 8.85% jump, creating a bullish engulfing candle to challenge the overhead resistance trend line. However, the increased selling pressure at the resistance trendline shows bearish influence over the daily candle, resulting in a 1.48% drop. Hence, the market value may drop below the 50-day EMA, once again leading to a bullish failure. Furthermore, the lack of bullish support is evident by the low intraday trading volume during the bullish engulfing candle, which questions buyers’ commitment. If the XRP market value rises above the resistance trendline, the bullish breakout rally will exceed the $0.36 resistance le...