Ripple's XRP Technical Analysis: XRP/USD set for critical support retest

Ripple's XRP price is trading up in minor negative territory in the second half of the session on Monday.
XRP/USD is heading for a retest of a breached triangular structure, support tracking at $0.3130.
A failure of the above-noted support holding could see a fast drop down towards $0.3000.

Ken Chigbo Independent Analyst

Spot rate: 0.3163

Relative change: -0.50%

High: 0.3222

Low: 0.3143

Trends:
    Daily SMA20: 0.3154
    Daily SMA50: 0.3118
    Daily SMA100: 0.3258
    Daily SMA200: 0.3773
Levels:
    Previous Daily High: 0.3213
    Previous Daily Low: 0.3166
    Previous Weekly High: 0.3268
    Previous Weekly Low: 0.3001
    Previous Monthly High: 0.3505
    Previous Monthly Low: 0.2879
    Daily Fibonacci 38.2%: 0.3184
    Daily Fibonacci 61.8%: 0.3195
    Daily Pivot Point S1: 0.316
    Daily Pivot Point S2: 0.3139
    Daily Pivot Point S3: 0.3112
    Daily Pivot Point R1: 0.3207
    Daily Pivot Point R2: 0.3234
    Daily Pivot Point R3: 0.3254

XRP/USD 60-minute chart

Price action was moving within ascending wedge pattern formation, however, the bears recently forced a breakout.

XRP/USD daily chart

Price action heading for a retest of the breached triangular structure.
XRP/USD could very much be playing to the textbook, with the breakout a retest.

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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