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.

Ken Chigbo Independent 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

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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