Ripple's XRP Technical Analysis: XRP/USD bulls must break $0.35 for any return of momentum
- Ripple's XRP price on Wednesday is seen trading up with gains of around 2% into the second half of the session.
- There are a number of barriers ahead for the bulls to breakdown, the $0.35 area is a key near-term obstacle for XRP/USD.
XRP/USD 15-minute chart
- Price makes a break above near-term descending trend line, trading just off the session high.
Spot rate: 0.3340
Relative change: +2.05%
High: 0.3377
Low: 0.3257
Trend: Bullish
Support 1: 0.3208, daily pivot point support.
Support 2: 0.3139, daily pivot point support.
Support 3: 0.3048, daily pivot point support.
Resistance 1: 0.3367, daily pivot point resistance.
Resistance 2: 0.3459, daily pivot point resistance.
Resistance 3: 0.3527, daily pivot point resistance.
XRP/USD 60-minute chart
- Near-term supply zone can be observed within the early $0.34 price region.
XRP/USD daily chart
- Despite the minor daily gains, price action is still moving within a narrow daily range. Barrier seen ahead with descending trend line and daily 28.2% Fibonacci.
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.
