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Ripple's XRP Technical Analysis: XRP/USD vulnerable to further downside

  • Ripple's XRP on Thursday is taking a beating, nursing losses of almost 4% in the session.  
  • XRP/USD price behaviour suggests price remains vulnerable to further potential downside.

XRP/USD 15-minute chart

  • Near-term bearish pennant pattern eyed via the 15-minute chart view, subject to potential breakout south. 

Spot rate:                0.3205

Relative change:    -3.75%

High:                       0.3352

Low:                        0.3183

Trend:                      Bearish 

Trends:
    Daily SMA20: 0.3071
    Daily SMA50: 0.3227
    Daily SMA100: 0.3503
    Daily SMA200: 0.3794
Levels:
    Previous Daily High: 0.3373
    Previous Daily Low: 0.3207
    Previous Weekly High: 0.3136
    Previous Weekly Low: 0.2971
    Previous Monthly High: 0.3906
    Previous Monthly Low: 0.2833
    Daily Fibonacci 38.2%: 0.3309
    Daily Fibonacci 61.8%: 0.327
    Daily Pivot Point S1: 0.3235
    Daily Pivot Point S2: 0.3138
    Daily Pivot Point S3: 0.3069
    Daily Pivot Point R1: 0.34
    Daily Pivot Point R2: 0.3469
    Daily Pivot Point R3: 0.3566

XRP/USD 60-minute chart

  • Near-term demand area noted around $0.3200-0.3185 range, a range could open door to a wave of selling pressure. 

XRP/USD daily chart

  • Daily supply running into the $0.3500 remains very much strong and intact, bull not having enough momentum to breakout. 

Author

Ken Chigbo

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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