Ripple’s XRP Price Analysis: XRP/USD spared from huge downside, thanks to an ascending channel


  • XRP/USD sees a pullback towards broken pennant structure, completing a breakout and retest.
  • 60-minute chart view shows price is still very much supported for further upside.

 

XRP was seen nursing chunky losses towards the latter stages of trading on Friday, down some 4.5%, as the price further cools. The upside momentum has failed to be sustained after the run into resistance heading towards $0.4100.

XRP/USD 4-hour chart

The latest rebound that commenced on 27th November, the bulls push for a breakout from a pennant pattern structure. This can be seen via the 4-hour chart view. Over the past two days now, the price has retested that breached formation, leaving room for this to be capitalized on.

60-minute chart

Looking via the 60-minute chart view, price action has been moving within an ascending channel formation. The price was caught by the lower trend line, from free-falling deep to the south. Support looks sturdy around the $0.3500 territory. Major resistance and barrier remains at $0.4100 for the bulls to try and tackle.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD range-bound as CME’s futures option catch momentum

Following the failed attempt to correct above $9,200, Bitcoin suffered a devastating correction that sent it back to the support at $8,500. While the bulls acted quickly and pushed BTC above $87,600.

More Bitcoin News

Cardano Price Rises Above The 50 SMA: Ouroborous BFT consensus to launch mid-February

The crypto market is mixed and green. Among the digital assets in the green is Cardano (ADA). The last 24 hours have seen Cardano grow 7.33% from lows around $0.0420.

More Cardano News

BCH/USD spotted falling triangle hints imminent breakout

Bitcoin Cash is among the many cryptocurrencies struggling to stay afloat above key support areas. The tag pf war started on Monday when Sunday’s recovery hit rocks across the board.

More Bitcoin Cash News

Litecoin may undergo a soft fork to enhance security

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, has stayed mostly unchanged in recent 24 hours.  At the time of writing, LTC/USD is changing hands at $57.25, off the recent high registered at $63.17 on January 17. 

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP