XRP price consolidates in a symmetrical triangle near $0.52; Where will the escape take place?

The price of XRP remains lackluster and transactions are in a very limited range, confirming the lack of investor interest.

Although whales purchased $299 million worth of coins in a single day, the price failed to turn into any bullish price action. At the time of writing, XRP/USD is trading at $0.52, up slightly to 0.07% for the day.

In the latest development, Ripple is also reported to have sold 400 million XRP tokens this month. The decision involves aligning XRP holdings, market operations, and price volatility.

Technically speaking, XRP/USD is trading in a short-term consolidation. The decline is capped at near $0.48 and the upside appears limited to near $0.54. Currently, the price is approaching the critical trading zone of $0.52. This is a key psychological zone, which acts as a resistance zone, now reversing the role of a support zone. After reaching a high of $0.74, the price depreciated by almost 46% in April.

Since April, the XRP the price is struggling to gain ground. The formation of the “Symmetrical Triangle”, a neutral technical formation, indicates a decline in trader interest. Inside the triangle formation, the lows have been rising since April 13 and the highs are decreasing in a narrow range.

Technical indicators:

RSI (14): The relative strength index (RSI) of the momentum oscillator is reading 48. This also confirms the ongoing struggle between the bulls and bears. Any change in dynamics could lead to an upward breakout in the price structure.

MACD: MACD (Moving Average Convergence Divergence), another oscillator held near the center line. This again shows a lack of directional conviction among traders.

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Support and resistance

If the bulls win the battle, the first resistance will be encountered at $0.56, heading towards $0.61.

On the other hand, the support of XRP the price is around the symmetrical triangle downtrend line at $0.50. A break below this level will open the doors to $0.46.

Ultimately, traders should be advised to wait for confirmation or breakout of the price trend before taking directional bets.