Ripple's XRP technical analysis: XRP/USD bears looking to take full control

Ripple's XRP price is trading with the red by some 2.20% in the session on Monday.
XRP/USD is running towards its second week in the red, after being on a five-week run higher.
The failure of the bulls attempting to break $0.3000 invited the strong selling pressure.

Ken Chigbo Independent Analyst

XRP/USD weekly chart

XRP bears are pressing back down towards a huge demand zone, $0.2600-0.2400 as seen via the weekly.

XRP/USD daily chart

Price action has smashed out to the downside from an ascending channel structure.

Spot rate: 0.2730

Relative change: -2.20%

High: 0.2810

Low: 0.2719

Author

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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