Ripple's XRP technical analysis: XRP/USD triangular structure confinements capping further bullish potential for now

Ripple's XRP price is trading in the red, nursing losses of around 1.9% in the second half of Tuesday.
XRP/USD moving within the confinements of a narrowing triangular structure, as the upper acting trend line holds firm for now.
The next major barrier is seen just ahead at $0.5000, should the bulls breakdown $0.4600-0.4800 region.

Ken Chigbo Independent Analyst

Spot rate: 0.4261

Relative change: -1.90%

High: 0.4403

Low: 0.4175

XRP/USD 60-minute chart

Price action is consolidating as seen via the 60-minute chart view, after a breakout from a near-term bullish pennant pattern.

XRP/USD daily chart

Bulls are taking a break for now consolidating, following a strong push higher over the past five sessions.

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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