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Ripple's XRP Technical Analysis: XRP/USD saved by a double bottom

  • Ripple's XRP was nursing losses of just 2.5%, after initially being under heavy pressure early on Tuesday.
  • XRP/USD produced a double bottom pattern, seeing big buying come back in to stop price further falling. 
  • Buyers heavily defended a free-fall, a breach of $0.4100 could have exposed XRP/USD to drop down to 0.30-0.25 area. 

XRP/USD 4-hour chart 


 



 Spot rate:                 0.4626

Relative change:      -2.55%

High:                         0.5036

Low:                          0.4097

Trend:                       Bearish

Support 1:                 0.4575, daily pivot point support.

Support 2:                 0.4372, lower support of channel. 

Support 3:                 0.4094, daily pivot point support.

Resistance 1:            0.5056, daily pivot point resistance. 

Resistance 2:            0.5334, daily pivot point resistance. 

Resistance 3:            0.5537, daily pivot point resistance.

XRP/USD 60-minute chart

  • XRP/USD demand area providing some bidding arround $0.44-45 area. Supply tough within $0.52 territory. 

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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