Ripple's XRP Technical Analysis: XRP/USD is hanging on to $0.4000 thanks to a critical trend line

Ripple's XRP on Thursday is trading in positive territory with gains of just over 2%.
XRP/USD had its $0.4000 at threat early in the session after the price broke back into the $0.3900 territory.
Given the relatively fast defending of $0.4000, it does appear this could very much be the new bottom area.

Ken Chigbo Independent Analyst

Spot rate: 0.4064

Relative change: +2.20%

High: 0.4119

Low: 0.3915

XRP/USD

Overview
Today last price	0.4071
Today Daily Change	0.0064
Today Daily Change %	1.60
Today daily open	0.4007

Trends
Daily SMA20	0.409
Daily SMA50	0.3571
Daily SMA100	0.3396
Daily SMA200	0.3407

Levels
Previous Daily High	0.4063
Previous Daily Low	0.388
Previous Weekly High	0.4741
Previous Weekly Low	0.3757
Previous Monthly High	0.4741
Previous Monthly Low	0.2917
Daily Fibonacci 38.2%	0.3993
Daily Fibonacci 61.8%	0.395
Daily Pivot Point S1	0.3904
Daily Pivot Point S2	0.38
Daily Pivot Point S3	0.3721
Daily Pivot Point R1	0.4086
Daily Pivot Point R2	0.4166
Daily Pivot Point R3	0.4269

XRP/USD 60-minute chart

XRP/USD price action is narrowing within a range-block formation, subject to a breakout.

XRP/USD daily chart

A critical ascending trend line came to the rescue in the session, after $0.4000 was very much under threat.

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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