Ripple's XRP technical analysis: XRP/USD breakout is imminent
- Ripple's XRP price on Thursday is trading in the red, down some 0.40%.
- XRP/USD price action continues to narrow, remaining in consolidation mode, moving within a bearish pennant structure.
- Buyers are heavily trying the defend the $0.2500 mark, failure to do so could open the door to a strong wave of selling pressure. Should the bears force a breach the narrowing conditions, then the next major demand zone is seen down at $0.2000.
Spot rate:
Relative change: -0.40%
High: 0.2595
Low: 0.2536
XRP/USD daily chart
- Price action moving within a bearish pennant structure, conditions are very narrow, with a potential breakout nearing.
XRP/USD 60-minute chart
- XRP/USD continues to flirt with the big heavily defended $0.2500 price mark. A breakout could be punishing, next major area of support eyed down at $0.2000.
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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