Ripple's XRP Technical Analysis: XRP/USD dangerous consolidation mode
|- Ripple's XRP price is trading firmly in the red, down over 5% in the session on Thursday,
- XRP/USD price action is moving within a pennant pattern, subject to a breakout to the downside.
- Ripple announced another partnership, large Asian bank, CIMB Group will be utilizing Ripple's technology.
- Losses are not as harsh as some of XRP's peers seen across the market.
XRP/USD 30-minute chart
Spot rate: 0.4508
Relative change: -5.94%
High: 0.4755
Low: 0.4454
Trend: Bearish
Support 1: 0.4502, lower support of pennant.
Support 2: 0.4200, daily pivot point support.
Support 3: 0.3643, daily pivot point support.
Resistance 1: 0.4621, upper part of pennant & 50MA.
Resistance 2: 0.4875, 100MA.
Resistance 3: 0.5000, psychological level.
XRP/USD daily chart
- Price broken out from a triangular pattern formation via the daily view, vital support in play at the 100DMA.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.