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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

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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