Ripple's XRP technical analysis: XRP/USD lack of directional commitment creates vulnerabilities

Ken Chigbo Independent Analyst

Ripple's XRP price on Wednesday is trading marginally in the red, down some 1.50%.
XRP/USD price is yet to see any form of directional commitment, as it remains within the confinements of a bearish pennant.
The price over the last three sessions has been cooling and further narrowing.

Spot rate: 0.2554

Relative change: -1.50%

High: 0.2609

Low: 0.2524

XRP/USD

Overview
Today last price	0.255
Today Daily Change	-0.0036
Today Daily Change %	-1.39
Today daily open	0.2586

Trends
Daily SMA20	0.2623
Daily SMA50	0.2849
Daily SMA100	0.3389
Daily SMA200	0.338

Levels
Previous Daily High	0.2638
Previous Daily Low	0.2535
Previous Weekly High	0.2671
Previous Weekly Low	0.2473
Previous Monthly High	0.3308
Previous Monthly Low	0.2392
Daily Fibonacci 38.2%	0.2574
Daily Fibonacci 61.8%	0.2599
Daily Pivot Point S1	0.2534
Daily Pivot Point S2	0.2482
Daily Pivot Point S3	0.243
Daily Pivot Point R1	0.2638
Daily Pivot Point R2	0.269
Daily Pivot Point R3	0.2742

XRP/USD daily chart

Price action is further narrowing via the daily chart view, within a bearish pennant pattern.

XRP/USD 60-minute chart

The price is moving within a horizontal channel structure, awaiting an incoming breakout.

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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