Ripple's XRP Technical Analysis: a big chunky breakout is imminent for XRP/USD
- Ripple's XRP price on Thursday is nursing losses of around 1% into the second part of the day.
- Upside momentum seen in the session on Wednesday, has failed to be carried through, as bears continue to sell rallies.
- Given the length of time XRP/USD has been confined within the range seen via the daily view, chunky momentum is likely to follow soon. The direction of that remains unclear, however, the price for now appears vulnerable to downside.
XRP/USD 15-minute chart
Spot rate: 0.3054
Relative change: -0.97%
High: 0.3087
Low: 0.3020
Trend: Neutral
Support 1: 0.3042, ascending trend line support.
Support 2: 0.2998, daily pivot point support.
Support 3: 0.2916, daily pivot point support.
Resistance 1: 0.3060, above descending trend line.
Resistance 2: 0.3147, daily pivot point resistance.
Resistance 3: 0.3213, daily pivot point resistance.
XRP/USD 60-minute chart
- Price is moving within a rising wedge pattern, which is susceptible to downside risks. resistance within $0.31-0.32 region, remains a problem for the bulls.
XRP/USD daily chart
- As seen across the market, the difficult range blocks that have formed, demonstrate lack of commitment. This can also be eyed as a potential bearish flag formation in the works.
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.
