Ripple's XRP Technical Analysis: XRP/USD dangerous price behavior

Ripple's XRP price on Wednesday is seen nursing losses of over 1% through the mid-point of the day.
XRP/USD price action has formed a bearish flag pattern, which XRP continues to move within.
At the time of writing it can be seen that the price is flirting with the lower support of the flag/channel.

Ken Chigbo Independent Analyst

XRP/USD 4-hour chart

Spot rate: 0.3482

Relative change: -1.15%

High: 0.3523

Low: 0.3430

Trend: Bearish

Support 1: 0.3430, lower part of flag/channel.

Support 2: 0.3385, daily pivot point support.

Support 3: 0.3251, daily pivot point support.

Resistance 1: 0.3644, daily pivot point resistance.

Resistance 2: 0.3768, daily pivot point resistance.

Resistance 3: 0.3902, daily pivot point resistance.

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.

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