XRP Near Triangle Apex: Will It Break Out or Break Down?🚀
XRP is trading at $1.4311 on April 20, after a 4-hour symmetrical triangle reached its apex, while bearish MACD crossover signals bearish continuation amid resistance.
Triangle Pattern & Significant Levels
* 4-hour symmetrical triangle pattern formed since the high from February at $1.90 to March low at $1.20.
* Compressed price action within declining upper trend line and rising lower trend line, with price at the apex.
* Resistance levels: SMA 20 @ $1.4373 + upper trend line. Support levels: lower trend line @ $1.37.
* All moving averages (SMA 50 at $1.4018, SMA 100 @ $1.3689, SMA 200 @ $1.3729) remain below Bearish 4H MACD at Peak
• Bearish crossover recently registered by MACD (12,26,9): MACD 0.0021 < Signal 0.0052, histogram -0.0032.
• Lines still positive for less impact, but the crossover at SMA 20 level is what matters in terms of momentum.
• Dwindling volume in compression mode prior to expansion of volatility.
Targets of a Breakout/Breakdown
• Bullish scenario: 4H close above SMA 20 and upper line at $1.4373 means that $1.50 becomes the first target, and based on the measured move from the triangle size, it could go as high as ∼$1.68.
• Bearish scenario: 4H close below lower line near $1.3
#XRP #Ripple #TechnicalAnalysis #SymmetricalTriangle #CryptoTrading
