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Ripple Technical Analysis: XRP/USD Finally Promising Indicators Emerge for Bulls

  • Ripple price was seen down 0.9% in the latter stages of trading on Monday, however bulls managed to bounce back after early selling pressure. 
  • XRP/USD price has edged back above a descending trend line, leaving door open for bulls to capitalize. 
  • Near-term big challenge will be eyed at the 38.2% Fibonacci seen just ahead, $0.4900. A rejection could be very harmful to the latest signs of recovery seen for XRP/USD. 

XRP/USD 4-hour chart 


 

Spot rate:                  0.45717

Relative change:      -0.90%

High:                         0.46400

Low:                          0.45317

Trend:                       Bearish

Support 1:                 0.45200, descending trend line.

Support 2:                 0.44350, supporting ascending trend line.

Support 3:                 0.40000, 14-15 October low area.

Resistance 1:            0.460700, 50MA (4-hour).

Resistance 2:            0.49000,resistance on 4-hour chart.

Resistance 3:            0.50760, long wick high 15 October. 

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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