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Ripple's XRP technical analysis: XRP/USD weekly candlestick forming a potential reversal hammer

  • Ripple's XRP price is trading in the green by some 3.00% in the session on Friday.
  • XRP/USD has a task of attempting smash through resistance ahead of the $0.2500 mark. 
  • The current candlestick via the weekly is pushing for a potential reversal hammer closure. 
Ripple's XRP technical analysis: XRP/USD weekly candlestick forming a potential reversal hammer
Ken ChigboKen ChigboIndependent Analyst

XRP/USD weekly chart

The bulls will be attempting to snap a four consecutive week of losses run, where the price has dropped from $0.3100 down to $0.2000. 

XRP/USD daily chart

Bulls are attempting to break down a heavy supply region seen running from $0.2300-0.2500. 

Spot rate:               0.2305            

Relative change:   +3.00%

High:                      0.2331   

Low:                      0.2232

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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