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Ripple's XRP technical analysis: XRP/USD risks remain tilted to the downside due to bearish pennant

  • Ripple's XRP price on Tuesday is trading in positive territory, holding gains of some 1.80%.
  • XRP/USD price action is narrowing within a pennant structure, as seen via the daily view. 
  • Near-term price action escaped out of a narrowing range, allowing room for an upside squeeze.
Ripple's XRP technical analysis: XRP/USD risks remain tilted to the downside due to bearish pennant
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.3157

Relative change:      +0.40%

High:                         0.3198

Low:                          0.3062

XRP/USD 60-minute chart

  • Price action broke out from a narrowing range, high of 0.3120 low of 0.3060. 

XRP/USD daily chart

  • XRP/USD remains stuck within a daily pennant pattern, subject to a breach. 

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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