This channel breakout for Ripple has a stiff barrier
|- Ripple has a short term channel breakout.
- Bulls now face medium term resistance.
Ripple, the payments solution cryptocurrency has given a trendline channel breakout on the short term charts, which is although bullish, but won't go too far as it faces another barrier on the slightly medium term chart.
XRP/USD down about half a percent on day at $0.4823 after falling back from day's high of $0.4877. On the hourly chart, XRP bulls have been able to break out of the trap of a falling trendline channel, giving some ammo after weeks of falling off.
Although, this breakout may not go too far given that there's another resistance on the 240-minute chart which won't be easy on the bulls.
XRP/USD 60-minute chart:
XRP/USD 240-minute chart:
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.