Ripple's XRP Technical Analysis: XRP/USD bears are back biting hard

Ripple's XRP has taken a hit on Thursday, nursing steep losses of some 3%.
XRP/USD bears forced a breakout to the downside from a supporting ascending trend line, opening the door to larger selling.

Ken Chigbo Independent Analyst

XRP/USD 15-minute chart

Bears force the price to smash out to the downside from a near-term supporting ascending trend line.

Spot rate: 0.3608

Relative change: -3.25%

High: 0.3857

Low: 0.3608

Trend: Bearish

Support 1: 0.3670, daily pivot point support.

Support 2: 0.3545, daily pivot point support.

Support 3: 0.3451, daily pivot point support.

Resistance 1: 0.3890, daily pivot point resistance.

Resistance 2: 0.3983, daily pivot point resistance.

Resistance 3: 0.4109, daily pivot point resistance.

XRP/USD 60-minute chart

Price action broke a vital near-term supporting trend line, it has caught a near-term bid for now, possible breakout and retest.

XRP/USD daily chart

XRP/USD over the daily time frame is testing another critical descending trend line to the downside.

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.

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