XRP price analysis: XRP/USD at risk of daily evening star
- XRP is trading up in minor positive territory in the latter stages of Tuesday, up some 0.40%.
- XRP/USD bulls are struggling with large barrier at the $0.2800-0.2900 area.
XRP price action is trading up some 0.45% late in the session on Tuesday, as the bullish momentum slows down somewhat.
The price had been running higher for five consecutive sessions, as life returned back into the market bulls. XRP/USD was trading back at the highest levels seen in around two weeks.
Technically, there is a near-term risk of a reversal, given the current daily candlestick formation. At the time of writing, a potential evening star formation can be observed, which would suggest of a chance in the recent trend north. Should the daily candle on Wednesday be bearish, it could be an indication of a return of sellers.
XRP/USD daily chart
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.
