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Ripple’s XRP price analysis: XRP/USD could fly if $0.2800-0.2900 barrier is broken down

  • Ripple’s XRP is trading up with gains of some 8% in the latter stages of trading on Monday. 
  • XRP/USD price action breached a narrowing bearish pennant structure via the daily. 
Ripple’s XRP price analysis: XRP/USD could fly if $0.2800-0.2900 barrier is broken down
Ken ChigboKen ChigboIndependent Analyst

Ripple’s XRP price in the session on Monday is trading up with decent gains of some 8%, following a surge to the upside out from a narrowing range. 

XRP/USD has pushed into the highest levels that have been seen since 23 September. The momentum came after the bulls managed to escape tight limited trading conditions, where the price was capped by resistance at $0.2600.

Technically, the next major barrier of resistance is observed at a range of $0.2800-0.2900. Should the bulls break this area down, it could open the door for the price to retest heavy supply seen at $0.3200-0.3300.

XRP/USD daily chart

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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