Ripple's XRP Technical Analysis: XRP/USD big bag bull breakout eyed
- Ripple's XRP is seen trading with minor gains on Tuesday of just some 0.4%, however price action gearing closer towards a breakout.
- XRP/USD price action is narrowing within a pennant structure pattern.
XRP/USD 15-minute chart
- Price action is supported to the upside by a near-term ascending trend line.
Spot rate: 0.3753
Relative change: +0.45%
High: 0.3778
Low: 0.3665
Trend: Neutral
Support 1: 0.3615, daily pivot point support.
Support 2: 0.3559, daily pivot point support.
Support 3: 0.3491, daily pivot point support.
Resistance 1: 0.3738, daily pivot point resistance.
Resistance 2: 0.3806, daily pivot point resistance.
Resistance 3: 0.3861, daily pivot point resistance.
XRP/USD 4-hour chart
- The upper trend line of the pennant acting as resistance, tracking just above $0.3800.
XRP/USD daily chart
- Price action is further narrowing within the confinements of a pennant pattern.
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.
