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Ripple's XRP technical analysis: XRP/USD subject to breakout to potential downside within a bearish pennant

  • Ripple's XRP price on Monday is trading in minor positive territory by 0.20%.
  • XRP/USD found decent comfort at the big $0.2500 mark, which has helped prevent free-fall. 
  • Price action is stuck within another daily bearish pennant structure, subject to downside risks.
Ripple's XRP technical analysis: XRP/USD subject to breakout to potential downside within a bearish pennant
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  0.2702

Relative change:      +0.20%

High:                         0.2804

Low:                          0.2670

XRP/USD daily chart

  • Price action via the daily chart view is narrowing within a pennant pattern.

XRP/USD 60-minute chart

  • XRP/USD price action is moving within an ascending channels structure, subject to downside risks.

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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