Ripple's XRP Technical Analysis: XRP/USD tug of war

  • Ripple's XRP was nursing losses of around 2.5% into the second half of the session on Friday. 
  • XRP/USD bulls are playing tug of war with bears, with the price moving in and out of the pennant pattern formation. 
  • The above-mentioned could see a drop down towards $0.30-0.25 should the bears win.

 

XRP/USD daily chart 


 
 

Spot rate:                  0.4783

Relative change:      -2.50%

High:                         0.4888

Low:                          0.4627

 

Trend:                       Bearish

 

Support 1:                 0.4445, daily pivot point support & demand zone.

Support 2:                 0.4047, daily pivot point support.

Support 3:                 0.3824, daily pivot point support.

Resistance 1:            0.4837, 50DMA.

Resistance 2:            0.5067, daily pivot point resistance.

Resistance 3:            0.5290, daily pivot point resistance.

 

XRP/USD 60-minute chart

  • As seen via the 60-minute chart view, price action is flirting in and around the lower trend line of the pennant pattern.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.