XRP/USD technical analysis: XRP/USD breaks technical formation on the hourly chart

XRP/USD has traded in positive territory despite general crypto sentiment being negative.
Price has spiked through the technical formation on the hourly chart backed by good volume.

Rajan Dhall, MSTA FX Daily

XRP has taken out the trendline of the falling wedge on the hourly chart below.

The good news is that the moved was backed by decent volume. On the topside, there is a resistance at the psychological level of 0.3000.

Elsewhere, we might see a sticking point around 0.2903 as its the price were most volume was traded on the volume profile indicator.

The market has also seemed to have heavily rejected 0.2700 on the downside which could be a good sign for the bulls.

Lastly, the RSI has moved into positive territory pushing past the 50 level and is at its highest level since 18th September.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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