Ripple's XRP Technical Analysis: XRP/USD vital support being penetrated, set to be obliterated

Ripple's XRP price nursing losses in the session on Tuesday of some 1.55%.
XRP/USD bears are penetrating vital near-term support within the $0.3000-0.2900.
A breach of the above-mentioned can expose a fall down to the pits of $0.25-0.20.

Ken Chigbo Independent Analyst

XRP/USD 60-minute chart

Spot rate: 0.2987

Relative change: -1.35%

High: 0.3119

Low: 0.2969

Trend: Bearish

Support 1: 0.2939, daily pivot support.

Support 2: 0.2856, daily pivot point support.

Support 3: 0.2734, daily pivot point support.

Resistance 1: 0.3144, the upper part of the ascending channel.

Resistance 2: 0.3266, daily pivot point resistance.

Resistance 3: 0.3349, daily pivot point resistance.

XRP/USD daily chart

Via the daily, price action can be seen within this tight consolidation mode, subject to a breakout to the downside.

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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