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Ripple's XRP Technical Analysis: XRP/USD reversal on the cards

  • Ripple's XRP price on Wednesday trading up with gains of some 1.45% in the second half of the session. 
  • XRP/USD price action via the daily on Tuesday produced a reversal hammer candlestick. 
  • 60-minute chart view suggests of some vulnerabilities which could force a retest of $0.3000 to the downside.
Ripple's XRP Technical Analysis: XRP/USD reversal on the cards
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.3061

Relative change:      +1.45%

High:                        0.3104

Low:                         0.3003

Trend:                       Bullish 

XRP/USD 60-minute chart

  • A big retest of key near-term demand zone seen via 60-minute around $0.3050, a failure to hold could trigger a chunky wave of selling pressure. 

XRP/USD daily chart

  • Daily candlestick at the close on Tuesday produced somewhat of a reversal hammer. 

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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