50-HMA caps downside following symmetrical triangle breakdown

  • Symmetrical triangle bearish break finds support at 50-HMA on Saturday.
  • Recovery to run into strong resistance near 0.3435 region.

The XRP bears are back in charge following Friday’s 5% rally, knocking-off Ripple (XRP/USD) nearly 1.50% lower so far this Saturday. The third-most traded cryptocurrency is back on the 0.33 handle, tracking the sell-off across the crypto space. Despite the latest declines, the coin trades with a market capitalization of about $ 14.45 billion.

From a technical perspective, XRP/USD broke its overnight consolidative mode to the downside, with a symmetrical triangle breakdown witnessed below the 0.3417 level on the hourly sticks in the opening hours this Saturday. The cryptocurrency saw some follow-through selling interest on the bearish break, only to find some fresh bids at the 50-hourly Simple Moving Average (HMA) now placed at 0.3358 over the last hour.

The bulls are now attempting a tepid bounce and manage to regain the 0.34 handle. But the further upside looks to run into a strong resistance aligned near 0.3435 region, the confluence of the 21-HMA and the ascending trend-line support of the triangle. The buyers will regain complete control above the last, opening doors for a retest of the 0.4000 level.

Should the bulls fail to clear the above-mentioned resistance, the 50-HMA support be back on the radar. Below which, selling pressure is likely to intensify that could put the next support at 0.3181 at risk.

XRP/USD 1-hour chart

 

Levels to watch

 

Crypto Destroyer

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