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Ripple's XRP Technical Analysis: XRP/USD to falling back into a death trap as market corrects

Ripple's XRP price on Thursday is trading in very minor positive territory up some 0.05%, as the greater market corrects.
XRP/USD gradually giving back the gains as the price further cooling following the big run north on Tuesday and Wednesday.
The price is subject to falling back within the narrowing range-block, which the bulls had managed to escape.

Ken Chigbo Independent Analyst

Spot rate: 0.3400

Relative change: +0.05%

High: 0.3496

Low: 0.3364

XRP/USD 60-minute chart

XRP/USD is floating in no-mans land, the next major area of support is back now at the prior narrow range. Seen below:

XRP/USD daily chart

Price subject to falling back within the narrowing mundane trading range which the bulls managed to escape on Tuesday.

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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