Ripple's XRP Technical Analysis: XRP/USD moving within bullish pennant formation, set for potential explosive breakout
- Ripple's XRP holding gains of 17% on Monday, as price cracks big resistance at the $0.4000 mark.
- XRP/USD price action moving within a bullish pennant formation, subject to a breakout to the upside.
XRP/USD 15-minute chart
- Price action supported by a near-term ascending trend line, explosive moves are still eyed.
Spot rate: 0.4357
Relative change: +16.41%
High: 0.4607
Low: 0.4230
Trend: Bullish
Resistance 1: 0.4450, upper part of pennant pattern.
Resistance 2: 0.4550, 60-minute resistance.
Resistance 3: 0.4607, Monday session high.
Support 1: 0.3641, near-term ascending trend line.
Support 2: 0.3525, daily pivot point support.
Support 3: 0.3400, daily pivot point support.
XRP/USD 60-minute chart
- Price moving within a range-block formation, subject to a breakout to the upside.
XRP/USD 4-hour chart
- Near-term area of supply tracking around $0.43-0.46, barrier in the way of $0.50 reclaim.
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.
