Ripple Price Analysis: XRP/USD sees a break and retest, making room for a decent recovery

The Ripple price made a decent advance on Thursday, jumping some 4% in the session.
XRP/USD made a breakout to the upside from a descending trend line, retested it, now continuing its move north.

Ken Chigbo Independent Analyst

The Ripple price had a strong rally on Wednesday, gaining around 4%, after seeing some firm buying in the later part of Wednesday’s session. Buyers came to market within the mid $0.25 region, where a chunky spike in volume was observed.

XRP/USD upside price action was being contained by a descending trend line, consistently knocking the price back south each time it came into contact. This had been running since 7th September, before being broken on Wednesday.

Technically, given the price action playing out to the textbook, seeing the breakout and retest of that descending trend line, further buying pressure at this stage looks very much likely. Resistance to the upside tracks from the mid $1.28 region to $1.29 the figure. Support tracking back at the broken trend line around $0.2660.

XRP/USD 60-minute chart

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.

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