Ripple price analysis: XRP/USD price action within a rising wedge on 4-hour time frame
- Steady gains continued for Ripple, up 6% on Thursday
- Further partnership developments for Ripple
- Rising wedge pattern evident on 4-hour time frame
Ripple price seen up around 6% during trading on Thursday, resuming steady gains for the week. It is currently heading for its second straight week of gains, in a bid to recover the heavy losses seen, so far for 2018. Ripple is now up over 100% from the lows on produced last week, a big bounce back for the crypto, clearly looking to be a change in trend.
There have been solid developments reported of late for Ripple; LianLian major payment processor based in Hong Kong, and UAE Exchange in the Middle East, both joining RippleNet. Elsewhere, yesterday Saudi central bank noted they are to test the Ripple’s payment technology.
Looking at XRP/USD on the 4-hour time frame, bullish momentum is still seen. Key to be aware of, there is a rising wedge pattern in view. Resistance seen heading into $1.20 and then the $1.30 region. Support observed at $1.06-1.05.
XRP/USD 4-hour chart
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Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
