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Ripple's XRP technical analysis: XRP/USD bears testing critical supporting trend line

  • Ripple's XRP on Wednesday is nursing losses of some 2.5% in the second half of the session.  
  • XRP/USD bears are testing critical trend line of support, as part of a channel structure via the daily. 
  • A failure in the noted support holding could open the door to a large wave of selling pressure. 
Ripple's XRP technical analysis: XRP/USD bears testing critical supporting trend line
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.3825

Relative change:      -2.50%

High:                        0.3872

Low:                         0.3815

XRP/USD 60-minute chart

  • Price smashes out to the downside from a bearish pennant structure via the 60-minute view. 

XRP/USD daily chart

  • Critical trend line of support being testing to the downside, failure to hold could be catastrophic.

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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