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Ripple's XRP technical analysis: XRP/USD can not deal with stubborn $0.4000 sellers

  • Ripple's XRP price is trading marginally in the red, down around 1% in the second half of the session on Friday.
  • XRP/USD via the daily chart view despite the minor losses, sees a bullish technical set up, pennant structure subject to a breakout. 
  • The price has struggled to retain the $0.4000 price territory this week, as heavy sellers remain camped in the area. 
Ripple's XRP technical analysis: XRP/USD can not deal with stubborn $0.4000 sellers
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.3961

Relative change:      -0.95%

High:                        0.4007

Low:                         0.3915

XRP/USD 60-minute chart

  • Price action via the 60-minute chart view has broken out to the downside from 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

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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