Ripple's XRP Technical Analysis: XRP/USD Does not have the juice for a $0.4000 breakout
- Ripple's XRP trading marginally down in negative territory on Friday by 0.60%.
- XRP/USD is moving within a range of $0.39-0.33 since 28th December.
- The key for greater upside is the bulls breaking above $0.4000, which as it stands with current momentum, may not be seen for a while.
XRP/USD 15-minute chart
- The price broke out to the downside from a rising wedge pattern formation.
Spot rate: 0.3587
Relative change: -0.60%
High: 0.3671
Low: 0.3574
Trend: Bearish/Neutral
Support 1: 0.3490, daily pivot point support.
Support 2: 0.3372, daily pivot point support.
Support 3: 0.3216, daily pivot point support.
Resistance 1: 0.3764, daily pivot point resistance.
Resistance 2: 0.3920, daily pivot point resistance.
Resistance 3: 0.4038, daily pivot point resistance.
XRP/USD 60-minute chart
- Range can be seen a high tops at $0.3900 with the low at $0.3300, sine 28th December.
XRP/USD daily chart
- Price action like a number of its peers is confined within a range-block 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.
