Ripple’s XRP Price Analysis: XRP/USD spared from huge downside, thanks to an ascending channel
|- XRP/USD sees a pullback towards broken pennant structure, completing a breakout and retest.
- 60-minute chart view shows price is still very much supported for further upside.
XRP was seen nursing chunky losses towards the latter stages of trading on Friday, down some 4.5%, as the price further cools. The upside momentum has failed to be sustained after the run into resistance heading towards $0.4100.
XRP/USD 4-hour chart
The latest rebound that commenced on 27th November, the bulls push for a breakout from a pennant pattern structure. This can be seen via the 4-hour chart view. Over the past two days now, the price has retested that breached formation, leaving room for this to be capitalized on.
60-minute chart
Looking via the 60-minute chart view, price action has been moving within an ascending channel formation. The price was caught by the lower trend line, from free-falling deep to the south. Support looks sturdy around the $0.3500 territory. Major resistance and barrier remains at $0.4100 for the bulls to try and tackle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.