Ripple’s XRP Price Analysis: XRP/USD looking to escape confinements for triangular pattern
- Ripple’s XRP was holding minor gains of 0.25% in the latter part of Thursday, after yet again, another flat session.
- XRP/USD bulls have made a break above near-term resistance, a triangular pattern formation.
Ripple’s XRP was seen holding very minor gains in the latter part of trading on Thursday. Price action however continues to trade within a narrow range. However, near-term upside oomentum may be seen, as the price makes a break above resistance.
XRP/USD had been moving within a triangular pattern formation, this has been the case since 14th January. Price being forced to trade within the confinements of this, given the lack of directional commitment seen.
Should the bulls manage to force a 4-hour close above the upper resistance of the triangular pattern, then another wave of buying pressure will likely be seen. The next area of supply is seen running from $0.33-0.34 range.
XRP/USD 4-hour 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.
