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Ripple Technical Analysis: XRP/USD sitting on a launch pad ahead of another potential rocket higher to recovery

Ripple is trading down over 2% on Tuesday, as price consolidates post the big moves seen on Monday.
XRP/USD is support in the near-term by a former resistance area, price could use this as a launch pad for further moves north.

Ken Chigbo Independent Analyst

XRP/USD 15-minute chart

Spot rate: 0.47143.

Relative change: -2.28%.

High: 0.48364.

Low: 0.46882.

Trend: Neutral.

Resistance 1: 0.47600, 23.6% Fibonacci.

Resistance 2: 0.47755, (resistance on 15-minute chart).

Resistance 3: 0.48000, supply zone.

Support 1: 0.47034, ascending supporting trend line.

Support 2: 0.46980, 38.2% Fibonacci.

Support 3: 0.46555, (support on 15-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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