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Ripple's XRP technical analysis: XRP/USD is potentially at large risk if $0.4000 fails to hold

  • Ripple's XRP price is trading in the red, down some 1.8% in the latter part of Tuesday.  
  • XRP/USD remains capped to the upside by supply from $0.4600-0.4800.
  • The buyers are trying to defend $0.4000 a breach via the daily could send the price plummeting. 
Ripple's XRP technical analysis: XRP/USD is potentially at large risk if $0.4000 fails to hold
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  0.3992

Relative change:      -1.80%

High:                         0.4101

Low:                          0.3826

XRP/USD 60-minute chart

  • Near-term price action via the 60-minute is moving within a descending channel formation. 

XRP/USD daily chart

  • A vital near-term ascending trend line of support is preventing a large sell-off. 

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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