In our previous analysis, we had recommended a long position for Ripple at $0.71, which got filled on March 19. The stop loss for the trade is $0.53, which is just below the low on March 18.
On March 20, the XRP/USD pair formed an inside day candlestick pattern. The range has shrunk again today, showing indecision between the bulls and the bears.
If the consolidation of the past two days breaks out of $0.73, the pullback will gain strength.
On the upside, the bears will pose a stiff challenge in the zone between the 20-day EMA and the 50-day SMA. Once the price breaks out of the $0.9 levels, the cryptocurrency should rally to $1.1 and then to the upper end of the $1.2 range.
We need to close the position if the price struggles to break out of any of the above-mentioned resistances.