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

Ripple's XRP technical analysis: XRP/USD lack of directional commitment creates vulnerabilities
Ken ChigboKen ChigboIndependent 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 price0.255
Today Daily Change-0.0036
Today Daily Change %-1.39
Today daily open0.2586
 
Trends
Daily SMA200.2623
Daily SMA500.2849
Daily SMA1000.3389
Daily SMA2000.338
Levels
Previous Daily High0.2638
Previous Daily Low0.2535
Previous Weekly High0.2671
Previous Weekly Low0.2473
Previous Monthly High0.3308
Previous Monthly Low0.2392
Daily Fibonacci 38.2%0.2574
Daily Fibonacci 61.8%0.2599
Daily Pivot Point S10.2534
Daily Pivot Point S20.2482
Daily Pivot Point S30.243
Daily Pivot Point R10.2638
Daily Pivot Point R20.269
Daily Pivot Point R30.2742

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

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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