- XRP price is showing no visible clues as to directional intention.
- The bulls are catching their breath following a 161% move to the upside.
- Until Ripple can overcome $1.28, the token will continue to be trapped within the symmetrical triangle pattern.
XRP price remains indecisive as it is trapped within a consolidation pattern. Ripple is expected to continue to move sideways as it records lower highs and higher lows. Until a clear indication of directional intentions is exhibited, the cross-border remittances token will bank on bouncing between two technical levels.
XRP price struggles to navigate
XRP price is trapped within a symmetrical triangle pattern on the 4-hour chart, consolidating after a 161% surge from the July 20 low. Following the tremendous rally, Ripple is seeing its momentum fade and is facing indecision on the next move.
The governing technical pattern suggests that XRP price will continue to move sideways within the upper boundary and lower boundary of the triangle until Ripple makes a clear break outside these levels.
Currently, XRP price is able to find meaningful support via the 100 four-hour Simple Moving Average (SMA) at $1.13. Slicing below this level may expose Ripple to the next line of defense near the lower trend line of the triangle at $1.11.
Further selling pressure may push XRP price lower toward the 61.8% Fibonacci extension level at $1.10, which is also bolstered by the support line given by the Momentum Reversal Indicator (MRI), suggesting strength in this level of defense.
XRP/USDT 4-hour chart
On the flip side, XRP price sees heavy resistance at $1.19, where the 20 and 50 four-hour SMAs meet. Ripple may feel further pressure around this level below the 78.6% Fibonacci extension level, which also acts as a hurdle for the token.
If the buyers manage to lift prices higher against the overpowering distribution of the sellers, XRP price may hope to tag the upper boundary of the triangle at $1.28 with a 12% bounce, where it will be confronted by the resistance line given by the MRI.
Further bullish moves are not expected at the moment, given the decline in Ripple trading volume. XRP price is likely to continue to trend sideways until there is a clear break beyond the governing technical levels indicated by the symmetrical triangle pattern.