Ripple's XRP Technical Analysis: XRP/USD bulls have a big opportunity

  • Ripple's XRP price trading down some 0.70% in the second half of the session on Thursday. 
  • XRP/USD managed to close just outside of a triangular pattern via the daily. The bulls have an opportunity to drive the price higher given the escape. 

Spot rate:                 0.3141

Relative change:      -0.70%

High:                        0.3190

Low:                         0.3129

Trends:
    Daily SMA20: 0.3165
    Daily SMA50: 0.3116
    Daily SMA100: 0.3265
    Daily SMA200: 0.3776
Levels:
    Previous Daily High: 0.3268
    Previous Daily Low: 0.3087
    Previous Weekly High: 0.3236
    Previous Weekly Low: 0.3011
    Previous Monthly High: 0.3505
    Previous Monthly Low: 0.2879
    Daily Fibonacci 38.2%: 0.3199
    Daily Fibonacci 61.8%: 0.3156
    Daily Pivot Point S1: 0.3079
    Daily Pivot Point S2: 0.2993
    Daily Pivot Point S3: 0.2898
    Daily Pivot Point R1: 0.3259
    Daily Pivot Point R2: 0.3354
    Daily Pivot Point R3: 0.344

XRP/USD 60-minute chart

  • XRP/USD price action is moving within a descending wedge pattern formation, subject to potential breakout to the upside.  

XRP/USD daily chart

  • Price action on Wednesday managed to force a daily closure just above a triangular structure that had been containing upside.
  • Current daily candlestick is sitting just above the mentioned pattern, leaving door open to further potential upside.

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.