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Ripple's XRP Technical Analysis: Explosive moves after bullish technical structure breakout

Ripple's XRP price on Tuesday was seen holding gains of over 5% in the session.
XRP/USD extends to the upside following a breakout of a bullish pennant pattern formation.

Ken Chigbo Independent Analyst

XRP/USD 15-minute chart

Near-term supply can be observed heading into the $0.3500 price territory.

Spot rate: 0.3387

Relative change: +5.01%

High: 0.3505

Low: 0.3221

Trend: Bullish

Support 1: 0.3075, daily pivot point support.

Support 2: 0.2908, daily pivot point support.

Support 3: 0.2781, daily pivot point support.

Resistance 1: 0.3369, daily pivot point resistance.

Resistance 2: 0.3496, daily pivot point resistance.

Resistance 3: 0.3663, daily pivot point resistance.

XRP/USD 60-minute chart

Continues to have periods of consolidation before further bursting north, seen via the 60-minute view.

XRP/USD daily chart

Extends to the upside following a breakout from a pennant pattern formation at the start of the week.

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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