Ripple's XRP technical analysis: XRP/USD big retest on the cards

Ripple's XRP price on Friday is trading firmly in the red by some 3% in the session.
XRP/USD bears are forcing the price to give back the strong gains seen earlier in the week.
The price is heading for a retest of a breached pennant structure, failure to hold the retest could be punishing.

Ken Chigbo Independent Analyst

Spot rate: 0.2924

Relative change: -9.05%

High: 0.3025

Low: 0.2888

XRP/USD daily chart

The price earlier in the week extended to the upside off a breached pennant, bears are pushing for the retest.

XRP/USD 60-minute chart

Price action is forming a potential head and shoulders structure, with the price heading towards a neckline retest, almost completing a right shoulder.

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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