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.
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
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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