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Ripple's XRP Technical Analysis: XRP/USD dangerous consolidation mode

  • Ripple's XRP price is trading firmly in the red, down over 5% in the session on Thursday,
  • XRP/USD price action is moving within a pennant pattern, subject to a breakout to the downside. 
  • Ripple announced another partnership, large Asian bank, CIMB Group will be utilizing Ripple's technology. 
  • Losses are not as harsh as some of XRP's peers seen across the market. 

XRP/USD 30-minute chart 


 
 

Spot rate:                  0.4508

Relative change:      -5.94%

High:                         0.4755

Low:                          0.4454

Trend:                       Bearish

Support 1:                 0.4502, lower support of pennant.

Support 2:                 0.4200, daily pivot point support.

Support 3:                 0.3643, daily pivot point support.

Resistance 1:            0.4621, upper part of pennant & 50MA. 

Resistance 2:            0.4875, 100MA.

Resistance 3:            0.5000, psychological level. 

XRP/USD daily chart

  • Price broken out from a triangular pattern formation via the daily view, vital support in play at the 100DMA. 

Author

Ken Chigbo

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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