Ripple’s XRP Price Analysis: XRP/USD double bottom rocket launch pad

Bulls manage to see gains of 1.6% in the very latter part of Tuesday.
Double bottom pattern formation can be eyed on the daily chart for XRP/USD.

Ken Chigbo Independent Analyst

Ripple’ XRP price was holding modest gains of 1.6%, in the very latter stages of trading on Tuesday. XRP/USD had shot higher in the early part of trading, thanks to renewed market sentiment, on the Nasdaq Bitcoin futures listing for 2019.

XRP/USD daily candle is seen around a double bottom area, which could very well see some greater upside in the coming sessions. The bulls must gather enough momentum to retest and break $0.4000 for greater upside.

As mentioned, near-term resistance should be noted at $0.4000. A breakout to the upside here, could open the door for a fast return back to the $0.5000 price territory. Support looks sturdy around the recent bottom area, which is seen around $0.3500.

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.

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