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Ripple's XRP technical analysis: XRP/USD bears are further pressing for devastating support breakout

  • Ripple's XRP price on Friday is trading marginally in the red, down some 0.70%. 
  • XRP/USD bears are testing a critical trend line of support, which make up a bearish pennant structure. 
  • The big support level should be noted at $0.2500, which if broken could be very punishing. 
Ripple's XRP technical analysis: XRP/USD bears are further pressing for devastating support breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.2542

Relative change:      -0.65%

High:                         0.2561

Low:                          0.2528

XRP/USD daily chart

  • Price action is moving within a bearish pennant via the daily, testing the lower support to the downside. 

XRP/USD 60-minute chart

  • A lower tracking ascending trend line is seen running at the big psychological $0.2500 mark as noted.

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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