Ripple’s XRP Price Analysis: XRP/USD bulls calculating explosive move
- XRP/USD price action is moving within a descending wedge pattern, subject to a breakout.
- Speculation continues to do the rounds surrounding Bank of America and Ripple, via the social media space.
Ripple’s XRP recent price behavior on Wednesday looked somewhat promising. The price was trading broadly flat well into the second half of the session. Moving within a descending wedge pattern, which could very much be subject to a break to the north.
There was some speculation across the social media space, after Bank of America announced that they will be offering cryptocurrency custody solutions. This was doing the rounds across various social media channels, which sparked speculation and rumors that Ripple are allegedly negotiating with the U.S. bank.
As mentioned, price action is bouncing within a descending wedge formation. This typically tends to be subject to a breakout higher. Near-term resistance should be noted at $0.4500, the upper trend line of the pattern. Support eyed down at $0.4150, the lower tracking trend line of the wedge. The RSI is very much stable at this time, a breakout could be imminent, but there may also be some further room to the downside before strong committed bull run.
XRP/USD 60-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.
