XRP price treads water on Wednesday following the previous session’s consolidated moves. The price remains pressured below the $0.90 mark. Investors seek clarity before making the next decision.
- XRP consolidates below $0.90 for the second straight day.
- A decisive break below the 200-EMA could see a further downside at $0.80.
- The price surged nearly 45% from the lows of $0.62.
As of press time, XRP/USD trades at $0.86, up 0.24$ for the day. The 24-hour trading volume of the sixth-largest cryptocurrency stands at $2,023,096,843 as per the CoinMarketCap.
XRP price awaits a decisive breakout
Source: Trading View
On the daily chart, the XRP price is consolidating inside the ‘ascending triangle’ for more than a month. Currently, the price hovers near the lower trend line of the triangle, which also coincides with the critical 200-EMA (Exponential Moving Average) at $0.84.
The bulls lack the conviction to break the upper boundary of the ascending triangle. This can be seen since Monday the price remains pressured below $0.90. Now, a resurgence in the selling momentum would result in a downside breakout.
In that scenario, the XRP price would slice the 200-EMA at $0.84 with an eye on $0.80.
On the other hand, a shift in the bearish sentiment combined with the higher volumes would provide the need thrust in the price. On moving higher, the bulls will take out the highs of December 27 at $0.95 first followed by the psychological $1.0 level.
Technical indicators:
RSI: The daily Relative Strength Index trades above the average line with an upside bias.
MACD: The Moving Average Convergence Divergence remains neutral while trading above the mid-line.
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