Ripple Price Analysis: XRP teasing symmetrical triangle breakdown ahead of Spark airdrop

  • XRP/USD sells the news after SPARK snapshot, ahead of the airdrop.
  • The No. 3 coin teases a symmetrical triangle breakdown on the 4H chart.
  • The path of least resistance appears to the downside.

Ripple (XRP/USD) bucks the positive trend seen across the crypto board, with ‘sell the news’ trading in play in the aftermath of Saturday’s SPARK snapshot.

The token wallows in the lower band of its recent tight trading range, as the bears fight back control in the lead up to the SPARK airdrop showdown. At the time of writing, XRP/USD sheds nearly 3.5% to trade around$ 0.5270, having recaptured the $0.50 level.

Flare Networks, a blockchain project that introduces smart contract functionality on the XRP ledger, took a snapshot of the network early Saturday and distributed SPARK tokens to all XRP holders on a one-to-one ratio. 

It’s worth noting that the number of XRP whales accumulated the XRP token and sent the holdings to a new all-time high.

XRP/USD technical outlook: Poised for a downside break?

XRP/USD: Four-hour chart

Ripple is primed to dive out from the recent consolidative phase, which has taken shape of a symmetrical triangle on the four-hour (4H) chart. A downside break appears in the offing as depicted by the technical set up on the said timeframe.

XRP sellers need a four-hourly closing below the rising trendline support at $0.5135 to validate the triangle breakdown, with the immediate cushion seen at the bullish 200-simple moving average (SMA) at $0.4690.

The Relative Strength Index (RSI) inches lower towards the oversold territory, currently at 37.28, suggesting more room southwards. The next critical support awaits at $0.30.

Alternatively, acceptance above the critical resistance at $0.5800 could open doors towards a retest of multi-year tops of $0.7843. Ahead of that, an immediate 100-SMA barrier at $.5908 could come into play.

XRP/USD: Additional levels to consider

XRP/USD

OVERVIEW
Today last price0.5274
Today Daily Change-0.0165
Today Daily Change %-3.03
Today daily open0.5439
TRENDS
Daily SMA200.5942
Daily SMA500.3975
Daily SMA1000.321
Daily SMA2000.2747
LEVELS
Previous Daily High0.5883
Previous Daily Low0.5265
Previous Weekly High0.6289
Previous Weekly Low0.504
Previous Monthly High0.7843
Previous Monthly Low0.228
Daily Fibonacci 38.2%0.5501
Daily Fibonacci 61.8%0.5647
Daily Pivot Point S10.5176
Daily Pivot Point S20.4912
Daily Pivot Point S30.4558
Daily Pivot Point R10.5793
Daily Pivot Point R20.6147
Daily Pivot Point R30.6411

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