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

Ripple's XRP price is trading marginally in the red, minor losses of 0.60% in the second half of Monday.
XRP/USD via the daily chart view is moving within a bullish pennant pattern formation.
Bulls still remain locked in on moving back above the psychological $0.5000 price area.

Ken Chigbo Independent Analyst

Spot rate: 0.4425

Relative change: -0.60%

High: 0.4646

Low: 0.4285

XRP/USD 60-minute chart

Near-term ascending trend line providing needed comfort for the price, via the 60-minute.

XRP/USD daily chart

Price action via the daily chart view is moving within a bullish pennant formation, subject to a breakout.

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Stellar Price Forecast: XLM slips below $0.22 as bearish momentum builds

Stellar (XLM) price is trading below $0.22 at the time of writing on Wednesday after failing to close above the key resistance earlier this week. Bearish momentum continues to strengthen, with open interest falling and short bets rising.

Pi Network Price Forecast: PI struggles to rebound amid muted demand

Pi Network (PI) edges higher by almost 1% at press time on Wednesday, bouncing off the $0.2000 level after a four-day decline. The recovery lacks momentum as the social interest surrounding Pi Network declines. Technically, PI is at a crossroads, struggling for a rebound as momentum is lacking.