Ripple's XRP technical analysis: XRP/USD nearing breakout from bearish pennant

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.

Ken Chigbo Independent Analyst

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.

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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XRP/USD daily chart

XRP/USD 60-minute chart

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