FX.co ★ Short-term technical analysis on XRP/USD

After making a low at $0.3914 XRP/USD has been steadily moving higher. Price has broken short-term resistance at $0.46 and is now trading above $0.48. I was expecting a stronger break out and a sharp move towards $0.51, however market sees the resistance at $0.49 as more important. A possible triangle pattern has been formed.

Blue line - major trend line support

As we have mentioned in previous posts, XRP/USD remains vulnerable to a bigger decline as long as price is below $0.60-$0.75. Only a break above this resistance are will put XRP/USD the rest of the crypto party. Until then we need to be mindful of the triangle pattern with support at $0.45 and resistance at $0.49. A move below $0.45 will open the way for a move towards $0.36-0.38. If resistance at $0.49 is broken then we could see the much anticipated test of $0.60.