Technical Analysis

XRP price forms ascending trading channel

Published

5 years ago

October 1, 2019

Arthur Webb

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XRP price is up by 7%
Price consolidates around $0.25-$0.26
The important resistance is $0.30

1 Hour XRP/USD price chart

XRP price broke upwards out of the horizontal trading channel on the 30th of September. Subsequently, XRP/USD price gained 7% in the last 24 hours and is now trading around the $0.25-$0.26. Immediate resistance at the moment is $026150. If the price manages to move upwards on high momentum from here it would meet resistance at levels: $0.26500, $0.2800 and $0.29150 before trying to test important psychological resistance barrier at $0.30. After the last upward move the price did not retrace back into the previous consolidation zone and printed several long-tail candlesticks on an hourly trading chart. Both those factors suggest increasing bullish pressure.

Ascending trading channel is only forming at the moment. If XRP price will follow its pattern it is expected to see support at around $0.2500 and set the next major high at $0.28500.

Chart source: Tradingview

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