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Ripple's XRP Technical Analysis: XRP/USD bears are back biting hard

  • Ripple's XRP has taken a hit on Thursday, nursing steep losses of some 3%.
  • XRP/USD bears forced a breakout to the downside from a supporting ascending trend line, opening the door to larger selling. 

XRP/USD 15-minute chart

  • Bears force the price to smash out to the downside from a near-term supporting ascending trend line. 

Spot rate:                  0.3608

Relative change:      -3.25%

High:                         0.3857

Low:                          0.3608

Trend:                        Bearish

Support 1:                  0.3670, daily pivot point support.

Support 2:                  0.3545, daily pivot point support.

Support 3:                  0.3451, daily pivot point support.

Resistance 1:             0.3890, daily pivot point resistance.

Resistance 2:             0.3983, daily pivot point resistance.

Resistance 3:             0.4109, daily pivot point resistance.

XRP/USD 60-minute chart 

  • Price action broke a vital near-term supporting trend line, it has caught a near-term bid for now, possible breakout and retest. 

XRP/USD daily chart

  • XRP/USD over the daily time frame is testing another critical descending trend line to the downside. 

Author

Ken Chigbo

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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