XRPUSD (ripple crypto) has been oscillating back and forth within the 0.7000 – 0.800 region so far this month, of what looks to be now transforming to a symmetrical triangle.

While that kind of triangle is a neutral signal for the market, and the bearish crosses within the simple moving averages (SMAs) on the four-hour chart are dashing hopes for any trend improvement, the good news is that the price is set for a close above the triangle’s upper trendline and the 200-period SMA at 0.7569. The momentum indicators are backing the growing buying appetite in the market as the RSI is creating new higher highs above 50, while the MACD is making efforts to climb above its red signal and zero lines.

If the bulls manage to pierce above the triangle, and more importantly, speed beyond the 50% Fibonacci retracement of the 0.9162 – 0.6210 downleg at 0.7693, the crypto could further advance to reach the 61.8% Fibonacci of 0.8040. Above the latter, the bulls may push for a close above the tough resistance of 0.8400 and therefore add credence to the bullish wave.

Alternatively, should the price ease below the 50-period SMA at 0.7454, the spotlight will turn immediately to the 38.2% Fibonacci of 0.7346. Such an action may not raise selling orders unless the decline stretches below the triangle's lower boundary at 0.7200. In this case, the 23.6% Fibonacci of 0.6916 may come to the rescue. If not, the bearish correction could see a continuation towards the 0.6600 level and then towards the 0.6210 base.