XRP/USD has to break $0.3400 for greater upside

Fibo Quantum

  • Ripple’s XRP price is trading in the green, up over 2.0% the second part of the session on Wednesday.
  • XRP/USD manages to catch a big after bears were testing a critical support level to the downside. 
  • A huge barrier is noteworthy at $0.3400, preventing the price from greater gains.

 

Spot rate:                  0.3146

Relative change:      +2.20%

High:                         0.3153

Low:                          0.3026

XRP/USD 60-minute chart

  • Bulls are forcing their way out of a descending channel formation, as seen via the 60-minute chart.

 

XRP/USD daily chart

  • Should the bears force a breakout of the noted trend line, then expect heavy downside pressure. Upside will remain capped unless there is a break above $0.3400 area.