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Ripple's XRP technical analysis: XRP/USD has broken and retested bullish pennant structure

  • Ripple's XRP is holding trading in negative territory late in the session on Thursday, down some 2.35%. 
  • XRP/USD price action is retesting key breached daily pennant structure. 
  • If the bulls fail to capitalize on the noted pattern, the price could fall back down to $0.4000. 
Ripple's XRP technical analysis: XRP/USD has broken and retested bullish pennant structure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.4250

Relative change:      -2.35%

High:                        0.4363

Low:                         0.4219

XRP/USD 60-minute chart

  • Near-term ascending trend line preventing the price from free-falling back down towards $0.4000. 

XRP/USD daily chart

  • A bullish pennant structure is eyed via the daily chart view, is being retested at present. 

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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