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Ripple's XRP Technical Analysis: XRP/USD is in big trouble

Ripple's XRP price on Wednesday is trading firmly in negative territory, down a chunky 6% in the session.
XRP/USD has already forced a breach of $0.3000 in the session today, with bears looking set for further bloodshed below.
The price is flirting within the above-noted zone, now using as support, ahead of a potential committed breakthrough.

Ken Chigbo Independent Analyst

Spot rate: 0.3012

Relative change: -5.95%

High: 0.3011

Low: 0.2932

XRP/USD 60-minute chart

Price action via the 60-minute chart view breaks out from bearish flag formation, consolidation period, subject to further potential downside pressure.

XRP/USD daily chart

Big buyers defending the range of $0.3000-0.2900, preventing a free-fall for now.

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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