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Ripple Technical Analysis: XRP/USD big scare, however bulls charged away biting bears

Ripple seen holding gains of just over 1% during trading on Tuesday, after a soft session seen on Monday.
XRP/USD had a big scare after threatening key near-term support, but bulls charged in quickly.
Rising wedge pattern seen still remaining intact, with the price grinding higher within.

Ken Chigbo Independent Analyst

XRP/USD 4-hour chart

Spot rate: 0.33877

Relative change: +1.33%

High: 0.34108

Low: 0.33168

Trend: Bearish

Resistance 1: 0.34250, resistance on 4-hour chart.

Resistance 2: 0.35000, supply area

Resistance 3: 0.35650, upper part of wedge pattern.

Support 1: 0.33550, lower part of wedge.

Support 2: 0.33350, 100MA & within demand area.

Support 3: 0.32300, 30 August low.

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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