Ripple's XRP Analysis: XRP/USD near-term vulnerabilities remain
- Ripple's XRP is trading up on Friday by some 1.3%, in the second half of the session.
- XRP/USD price action has formed a bearish flag/wedge pattern across the 60-minute and daily time frame.
XRP/USD 15-minute chart
- Price action moving within and respecting a rising channel pattern formation.
Spot rate: 0.3208
Relative change: +1.30%
High: 0.3248
Low: 0.3145
Trend: Neutral/Bearish
Trends:
Daily SMA20: 0.3146
Daily SMA50: 0.315
Daily SMA100: 0.3364
Daily SMA200: 0.3775
Levels:
Previous Daily High: 0.3209
Previous Daily Low: 0.3101
Previous Weekly High: 0.3505
Previous Weekly Low: 0.2982
Previous Monthly High: 0.3505
Previous Monthly Low: 0.2879
Daily Fibonacci 38.2%: 0.3168
Daily Fibonacci 61.8%: 0.3142
Daily Pivot Point S1: 0.3111
Daily Pivot Point S2: 0.3052
Daily Pivot Point S3: 0.3003
Daily Pivot Point R1: 0.3219
Daily Pivot Point R2: 0.3268
Daily Pivot Point R3: 0.3326
XRP/USD 60-minute chart
- Rising wedge or somewhat of a bearish flag pattern formation can be observed via the 60-minute.
XRP/USD daily chart
- Price action via the daily remains somewhat subdued, trading within a rising wedge formation.
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.
