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Ripple's XRP technical analysis: XRP/USD bullish flag subject to a breakout

  • Ripple's XRP price is trading marginally in the red, down just some 0.60% in the second half of the session. 
  • XRP/USD via the daily chart view sees a bullish technical set up, pennant structure subject to a breakout. 
  • Heavy near-term supply remains running from $0.4000 up to $0.4100, capping upside potential at present.  
Ripple's XRP technical analysis: XRP/USD bullish flag subject to a breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.4007

Relative change:      -0.65%

High:                        0.4102

Low:                         0.3964

XRP/USD 60-minute chart

  • Price action via the 60-minute chart view is narrowing within a rising wedge pattern formation. 

XRP/USD daily chart

  • XRP/USD daily price action is moving within a bullish pennant pattern formation, something which is seen with some of its peers also.  

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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