Ripple price has been trading in a consolidation for this past week. On the 1-hour time frame, it can be seen that XRPUSD has been making lower highs and higher lows. In fact, when you connect the peaks and bottoms since March 13, a symmetrical triangle becomes apparent.
In technical analysis, this is considered as a neutral indicator. The lower highs suggest that buyers are losing control. Alternatively, the higher lows indicate that sellers may not have enough momentum. It would seem that for today’s trading, XRPUSD would be limited. It may findresistance at the top of the trend line and support at the bottom of the triangle.
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However, watch for a break of either because it would hint at the direction where ripple price will soon be headed. A close above the top of the triangle at $0.1572 could mean that buyers are stronger. XRPUSD may then be on its way to trade higher to its March 15 high at $0.1646 or to its March 13 high at $0.1722.
On the other hand, a close below the low of March 16 at $0.1275, could trigger a bigger sell-off on ripple price. Near-term support for XRPUSD is at $0.1140 where it bottomed on March 13. If it does not hold, the next floor on ripple price could be at $0.0620 where it peaked on March 20, 2017.
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