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Ripple XRP Technical Analysis: Dangerous consolidation mode

  • The Ripple XRP price is firmly in the red, down more than 5% in Thursday's session,
  • The XRP / USD price action is moving within a pennant model, subject to a bearish breakout.
  • Ripple announced another partnership, big Asian bank, CIMB Group will use Ripple technology.
  • Losses are not as severe as some of the XRP peers seen through the market.

XRP / USD 30-minute chart

Spot rate: 0.4508

Relative change: -5.94%

High: 0.4755

Low: 0.4454

Trend: bearish

Support 1: 0.4502, lower support of the pennant.

Support 2: 0.4200, daily support of the articulation point.

Support 3: 0.3643, daily support of the articulation point.

Resistance 1: 0.4621, top of the pennant and 50MA.

Resistance 2: 0.4875, 100MA.

Resistance 3: 0.5000, psychological level.

Daily XRP / USD chart

  • Price broken down by a triangular pattern formation through daily viewing, vital support in 100DMA play.

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