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Ripple Technical Analysis: XRP/USD a barrier away from explosive move

  • Ripple's XRP is trading broadly flat on Tuesday, within a narrowing range-block, via the daily. 
  • XRP/USD bulls need to clear near-term resistance $0.3400-0.3500 for explosive move out of range. 

XRP/USD 15-minute chart

  • Price extended to the upside from a flag/wedge pattern, subject to further moves north within the near-term view. 

Spot rate:                  0.3354

Relative change:      -0.20%

High:                         0.3390

Low:                          0.3304

Trend:                        Bullish

Support 1:                 0.3217, daily pivot point support.

Support 2:                 0.3074, daily pivot point support.

Support 3:                 0.2967, daily pivot point support.

Resistance 1:            0.3466, daily pivot point resistance.

Resistance 2:            0.3574, daily pivot point resistance.

Resistance 3:            0.3716, daily pivot point resistance.

XRP/USD 60-minute chart

  • Price action has broken out of a bull flag type formation, near-term. 

XRP/USD daily chart

  • Price action is stuck within a narrowing range on the daily, the key to a breakout is a move above $0.34-0.35.

Author

Ken Chigbo

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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