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Ripple's XRP technical analysis: XRP/USD $0.2000 threat of being broken remains

  • Ripple's XRP price on Tuesday is trading in the red, down some 0.90%. 
  • XRP/USD price action is moving within consolidation mode, having formed a bearish pennant structure. 
  • The price is very much narrowing, subject to a potential breakout, given the lack of room to manoeuvre. 
Ripple's XRP technical analysis: XRP/USD $0.2000 threat of being broken remains
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.2680

Relative change:      -0.90%

High:                         0.2805

Low:                          0.2643

XRP/USD daily chart

  • Price action moving within a bearish pennant structure, subject to a breach. 

XRP/USD 60-minute chart

  • Near-term demand around the $0.2600 price territory, protecting the price from dropping further. 

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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