Ripple price analysis: Narrowing ranges, about time to unshackle
- XRP's ranges are narrowing with time.
- Triangle formation in place, about time it unshackled itself.
Ripple, the crypto whose parent is trying to solve global cross-border payments system, has got itself stuck in a triangle with ranges of the crypto narrowing on the short term chart and just a matter of time of few days before the price breaks itself free.
XRP/USD is up more than 2 percent on day at $0.467, not far from day's high. On the hourly chart, the crypto is stuck in a triangle drawn from the recent highs and the narrowing ranges are a sign that it could unshackle itself, its just a matter of when and not if.
Immediate resistance on the upside is placed at $0.471 in the form of triangle's descending trendline and support at $0.453, triangle's ascending trendline.
XRP/USD hourly chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
