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Ripple's XRP Technical Analysis: XRP/USD narrowing price range is subject to explosive breakout

  • Ripple's XRP trading broadly flat in the session on Tuesday, up just some 0.60%. 
  • XRP/USD bulls need to breakdown the $0.4000 area for greater upside. 

XRP/USD 15-minute chart

  • Price action moving withing a horizontal wedge pattern, having recently been rejected by the upper trend line. 

Spot rate:                  0.3724

Relative change:      +0.65%

High:                         0.3765

Low:                          0.3638

Trend:                        Neutral

Support 1:                  0.3594, daily pivot point support.

Support 2:                  0.3476, daily pivot point support.

Support 3:                  0.3416, daily pivot point support.

Resistance 1:             0.3772, daily pivot point resistance.

Resistance 2:             0.3831, daily pivot point resistance.

Resistance 3:             0.3950, daily pivot point resistance.

XRP/USD 60-minute chart

  • 60-minute chart view shows price moving within a rising channel formation. 

XRP/USD daily chart

  • Over the daily chart view, price action moving within a range-block formation. 

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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