Ripple's XRP Price Analysis: XRP/USD bulls are building the foundations for a run north
- Ripple's XRP is trading within very small gains of some 0.10% late in the session on Tuesday.
- XRP/USD remains within the confinements of a narrowing triangular structure.
Ripple's XRP was trading in very minor positive territory late on Tuesday in the session. XRP/USD has been flirting in and out of gains and losses, as the general market remains broadly flat, within a narrowing fashion.
XRP/USD continues to narrow within a triangular pattern structure, nearing to a potential explosive breakout. Given the extent of time, it has traded within this tightening range, would raise the case for an exit. This has been observed for the past four weeks.
Immediate resistance is observed at the $0.3200 mark, which is where the upper acting trend line is running. Support is seen just below at $0.3150, the lower trend line of the triangular pattern formation. There isn't much further room for the price to manoeuvre, a breakout is eyed.
XRP/USD daily 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.
