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Ripple’s XRP Technical Analysis: XRP/USD bears tear apart vital near-term support

  • Ripple’s XRP trading down on Friday 2% in the early part of the sessions
  • As covered in yesterday’s article, a vital near-term support was being penetrated by the bears.
  • A firm breach of the prior mentioned pennant structure was seen, this allowed room for further selling to come into play.
  • Eyes are on to see how well $0.4100-0.4000 will hold over the coming days. 

 

XRP/USD 4-hour chart 

Spot rate:                  0.4128

Relative change:      -2.01%

High:                         0.4284

Low:                          0.3946

Trend:                        Bearish

Support 1:                  0.4112, daily pivot point support.

Support 2:                  0.4000, daily pivot point support.

Support 3:                  0.3799, daily pivot point support.

Resistance 1:             0.4425, daily pivot point resistance.

Resistance 2:             0.4627, daily pivot point resistance.

Resistance 3:             0.4738, daily pivot point resistance.

 

XRP/USD daily chart view

  • The vital near-term support can be eyed at $0.4100-0.4000, a failure to hold here could see XRP/USD falling down to the $0.3800 territory. Ahead of a further potential drop to $0.3000-0.2500 range. 

Source: fxstreet

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