Ripple's XRP Technical Analysis: Explosive moves after bullish technical structure breakout
- Ripple's XRP price on Tuesday was seen holding gains of over 5% in the session.
- XRP/USD extends to the upside following a breakout of a bullish pennant pattern formation.
XRP/USD 15-minute chart
- Near-term supply can be observed heading into the $0.3500 price territory.
Spot rate: 0.3387
Relative change: +5.01%
High: 0.3505
Low: 0.3221
Trend: Bullish
Support 1: 0.3075, daily pivot point support.
Support 2: 0.2908, daily pivot point support.
Support 3: 0.2781, daily pivot point support.
Resistance 1: 0.3369, daily pivot point resistance.
Resistance 2: 0.3496, daily pivot point resistance.
Resistance 3: 0.3663, daily pivot point resistance.
XRP/USD 60-minute chart
- Continues to have periods of consolidation before further bursting north, seen via the 60-minute view.
XRP/USD daily chart
- Extends to the upside following a breakout from a pennant pattern formation at the start of the week.
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.
