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.
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.
