Ken Chigbo
Independent Analyst
- Ripple's XRP price on Wednesday was trading up with decent gains of some 2%, outperforming its peers.
- XRP/USD price remains within the confinements of an ascending channel formation via the daily view.
Spot rate: 0.3232
Relative change: +2.00%
High: 0.3267
Low: 0.3087
Trends:
Daily SMA20: 0.3168
Daily SMA50: 0.3117
Daily SMA100: 0.3271
Daily SMA200: 0.3777
Levels:
Previous Daily High: 0.3135
Previous Daily Low: 0.3076
Previous Weekly High: 0.3236
Previous Weekly Low: 0.3011
Previous Monthly High: 0.3505
Previous Monthly Low: 0.2879
Daily Fibonacci 38.2%: 0.3098
Daily Fibonacci 61.8%: 0.3112
Daily Pivot Point S1: 0.3083
Daily Pivot Point S2: 0.305
Daily Pivot Point S3: 0.3024
Daily Pivot Point R1: 0.3142
Daily Pivot Point R2: 0.3168
Daily Pivot Point R3: 0.3201
XRP/USD 60-minute chart
- Big buyers came into action around the mid $0.3000 price region, a known area of demand.
- Price jumped around 5% in pretty much one more after aggressive buying came into play.
XRP/USD daily chart
- XRP/USD is still trading within the confinements of an ascending channel formation.
- Given the above-noted price structure, there is still the risk of a potential breakout to the downside.
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