Ken Chigbo
Independent Analyst
- Ripple's XRP price on Tuesday is trading in the red, down some 0.80%.
- XRP/USD price action remains in consolidation mode, moving within a bearish pennant structure. Price the appears vulnerable to downside risks.
- Buyers are heavily trying the defend the $0.2500 mark, failure to do so could open the door to a strong wave of selling pressure.
- Should the bears force a breach the narrowing conditions, then the next major demand zone is seen down at $0.2000.
Spot rate: 0.2595
Relative change: -0.90%
High: 0.2623
Low: 0.2584
XRP/USD daily chart
- Price action moving within a bearish pennant structure, conditions are very narrow, with a potential breakout nearing.
XRP/USD 60-minute chart
- XRP/USD continues to flirt with the big heavily defended $0.2500 price mark. The price is also moving within a narrow range-block formation.
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