Ripple's XRP Analysis: XRP/USD near-term vulnerabilities remain

Ripple's XRP is trading up on Friday by some 1.3%, in the second half of the session.
XRP/USD price action has formed a bearish flag/wedge pattern across the 60-minute and daily time frame.

Ken Chigbo Independent Analyst

XRP/USD 15-minute chart

Price action moving within and respecting a rising channel pattern formation.

Spot rate: 0.3208

Relative change: +1.30%

High: 0.3248

Low: 0.3145

Trend: Neutral/Bearish

Trends:
    Daily SMA20: 0.3146
    Daily SMA50: 0.315
    Daily SMA100: 0.3364
    Daily SMA200: 0.3775
Levels:
    Previous Daily High: 0.3209
    Previous Daily Low: 0.3101
    Previous Weekly High: 0.3505
    Previous Weekly Low: 0.2982
    Previous Monthly High: 0.3505
    Previous Monthly Low: 0.2879
    Daily Fibonacci 38.2%: 0.3168
    Daily Fibonacci 61.8%: 0.3142
    Daily Pivot Point S1: 0.3111
    Daily Pivot Point S2: 0.3052
    Daily Pivot Point S3: 0.3003
    Daily Pivot Point R1: 0.3219
    Daily Pivot Point R2: 0.3268
    Daily Pivot Point R3: 0.3326

XRP/USD 60-minute chart

Rising wedge or somewhat of a bearish flag pattern formation can be observed via the 60-minute.

XRP/USD daily chart

Price action via the daily remains somewhat subdued, trading within a rising wedge formation.

Author

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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