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  • Ripple’s XRP price on Wednesday was trading up with decent gains of some 2%, outperforming its peers.
  • XRP/USD price remains within the confinements of an ascending channel formation via the daily view.

 

Spot rate:                  0.3232

Relative change:       +2.00%

High:                         0.3267

Low:                          0.3087

Trends:
       Daily SMA20:  0.3168
       Daily SMA50:  0.3117
       Daily SMA100:  0.3271
       Daily SMA200:  0.3777
Levels:
       Previous Daily High:  0.3135
       Previous Daily Low:  0.3076
       Previous Weekly High:  0.3236
       Previous Weekly Low:  0.3011
       Previous Monthly High:  0.3505
       Previous Monthly Low:  0.2879
       Daily Fibonacci 38.2%:  0.3098
       Daily Fibonacci 61.8%:  0.3112
       Daily Pivot Point S1:  0.3083
       Daily Pivot Point S2:  0.305
       Daily Pivot Point S3:  0.3024
       Daily Pivot Point R1:  0.3142
       Daily Pivot Point R2:  0.3168
       Daily Pivot Point R3:  0.3201

   XRP/USD 60-minute chart

  • Big buyers came into action around the mid $0.3000 price region, a known area of demand.  
  • Price jumped around 5% in pretty much one more after aggressive buying came into play.  

 

XRP/USD daily chart

  • XRP/USD is still trading within the confinements of an ascending channel formation.  
  • Given the above-noted price structure, there is still the risk of a potential breakout to the downside.