This channel breakout for Ripple has a stiff barrier

Ripple has a short term channel breakout.
Bulls now face medium term resistance.

Manoj B Rawal Independent Analyst

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:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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