Ripple's XRP technical analysis: XRP/USD bulls must breakout from bearish structure or will face a beating
- Ripple's XRP price on Friday is trading in the green, up some 1%.
- XRP/USD price action remains in a narrowing range via the daily chart view.
- There has been a lack of movement since 15th August, within a bearish pennant structure.
- Buyers are heavily trying the defend the $0.2500 mark, if this fails to hold, then eyes on $0.2000.
Spot rate: 0.2595
Relative change: -0.40%
High: 0.2589
Low: 0.2554
XRP/USD daily chart
- Price action remains narrow within a bearish pennant structure, it is vulnerable to a breach.
XRP/USD 60-minute chart
- XRP/USD continues to move within a range-block formation, as seen via the 60-minute chart view.
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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