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Ripple's XRP Technical Analysis: XRP/USD saved by a double bottom

Ripple's XRP was nursing losses of just 2.5%, after initially being under heavy pressure early on Tuesday.
XRP/USD produced a double bottom pattern, seeing big buying come back in to stop price further falling.
Buyers heavily defended a free-fall, a breach of $0.4100 could have exposed XRP/USD to drop down to 0.30-0.25 area.

Ken Chigbo Independent Analyst

XRP/USD 4-hour chart

Spot rate: 0.4626

Relative change: -2.55%

High: 0.5036

Low: 0.4097

Trend: Bearish

Support 1: 0.4575, daily pivot point support.

Support 2: 0.4372, lower support of channel.

Support 3: 0.4094, daily pivot point support.

Resistance 1: 0.5056, daily pivot point resistance.

Resistance 2: 0.5334, daily pivot point resistance.

Resistance 3: 0.5537, daily pivot point resistance.

XRP/USD 60-minute chart

XRP/USD demand area providing some bidding arround $0.44-45 area. Supply tough within $0.52 territory.

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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