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Ripple Technical Analysis: XRP/USD bears force price to smash out from a rising channel formation

  • Ripple's XRP price on Friday trading in the red by over 1% in the late part of the day. 
  • XRP/USD is remains subject to further downside risks, given price behavior. 

XRP/USD 15-minute chart

 

  • Price action crashes out from ascending channel formation seen via the 15-minute chart view.

Spot rate:                0.3167

Relative change:    -1.30%

High:                        0.3211

Low:                         0.3150

Trend:                       Bearish

Support 1:                0.3152, daily pivot point support.

Support 2:                0.3108, daily pivot point support.

Support 3:                0.3078, daily pivot point support.

Resistance 1:           0.3225, daily pivot point resistance.

Resistance 2:           0.3255, daily pivot point resistance.

Resistance 3:           0.3298, daily pivot point resistance.

XRP/USD 60-minute chart

  • XRP/USD continues to bounce within the confinements of a range-block formation. 

XRP/USD daily chart

  • Price action remains moving within a bearish range-block formation, vulnerable to downside risks. 

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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