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Ripple Technical Analysis: XRP/USD price moving within another descending channel, breakout is eyed

FX Street

Updated: 5 Oct. 2018 | 18:06

Ripple price is under performing on Friday, down over 2%, following a choppy week.
XRP/USD is moving within a descending channel pattern formation, as seen on the 60-minute chart.

XRP/USD 60-minute chart

Spot rate: 0.51819

Relative change: -2.03%

High: 0.53300

Low: 0.51042

Trend: Bearish.

Support 1: 0.51078, lower trend line of channel.

Support 2: 0.51000, demand zone.

Support 3: 0.50000, psychological support. .

Resistance 1: 0.51950, upper part of channel.

Resistance 2: 0.52822, 50MA (60-minute).

Resistance 3: 0.54750, 4th October high area.

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