Ripple's XRP Technical Analysis: XRP/USD bullish flag ready for the bull stampede breakout
- Ripple's XRP was seen holding decent gains in the early part of Tuesday, up some 2.5%.
- XRP/USD jumped higher in early trading, big thanks to a move led by Bitcoin. This appearing to be due to renewed market optimism, following Nasdaq announcement, to list Bitcoin futures next year.
- Price action since the jump in early hours, has formed a bullish flag pattern, subject to a breakout. As seen via the 30-minute chart view.
Spot rate: 0.3564
Relative change: -2.55%
High: 0.3602
Low: 0.3375
Trend: Bullish
Resistance 1: 0.3632, daily pivot point resistance.
Resistance 2: 0.3796, daily pivot point resistance.
Resistance 3: 0.3893, daily pivot point resistance.
Support 1: 0.3560, on top of bull flag.
Support 2: 0.3371, daily pivot point support.
Support 3: 0.3275, daily pivot point support.
XRP/USD daily chart
- Price action moved towards a double bottom area on the daily. Chunky demand area seen from $0.3500 down to $0.3200.
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.
