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

    Daily SMA20: 0.3165
    Daily SMA50: 0.3116
    Daily SMA100: 0.3265
    Daily SMA200: 0.3776
    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.

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