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Ripple's XRP technical analysis: XRP/USD bulls find unexpected life, sustainability in question

  • Ripple's XRP price is trading up with decent gains of 6.50% in the session on Monday. 
  • XRP/USD jumps aggressively to the upside but is capped by heavy supply at the $0.2500 mark. 
  • The bulls managed to force the price out from a bearish pennant structure via the daily. 
Ripple's XRP technical analysis: XRP/USD bulls find unexpected life, sustainability in question
Ken ChigboKen ChigboIndependent Analyst

XRP/USD daily chart

The price via the current daily candle has broken out from a bearish pennant pattern, a daily closure above is critical. 

XRP/USD 60-minute chart

A surge of momentum came with a narrowing range-block structure for XRP via the 60-minute. 

Spot rate:                 0.2560

Relative change:      +6.50%

High:                         0.2622

Low:                          0.2358

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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