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Ripple's XRP technical analysis: XRP/USD fresh wave of selling pressure following flag breach

  • Ripple's XRP price is trading in the red by some 2.80% in the session on Monday.
  • XRP/USD is at risk of a fall down to $0.2000, a breach could be very punishing.
  • Price action has smashed out of a bearish flag structure, as seen via the daily. 
Ripple's XRP technical analysis: XRP/USD fresh wave of selling pressure following flag breach
Ken ChigboKen ChigboIndependent Analyst

XRP/USD weekly chart

The price is running at five consecutive weeks in the red, critical weekly support was breached at $0.2350. 

XRP/USD daily chart

Price action has smashed out to the downside from a bearish flag structure, inviting a fresh wave of downside pressure.

Spot rate:                 0.2195

Relative change:      -2.70%

High:                        0.2270

Low:                         0.2179

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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