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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

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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