Manoj B Rawal
Independent Analyst
- Ripple has a short term channel breakout.
- Bulls now face medium term resistance.
Ripple, the payments solution cryptocurrency has given a trendline channel breakout on the short term charts, which is although bullish, but won't go too far as it faces another barrier on the slightly medium term chart.
XRP/USD down about half a percent on day at $0.4823 after falling back from day's high of $0.4877. On the hourly chart, XRP bulls have been able to break out of the trap of a falling trendline channel, giving some ammo after weeks of falling off.
Although, this breakout may not go too far given that there's another resistance on the 240-minute chart which won't be easy on the bulls.
XRP/USD 60-minute chart:
XRP/USD 240-minute chart:
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