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XRP Price Analysis: XRP/USD sees a possible short squeeze with vulnerabilities remaining under $0.2000

  • XRP price is trading in positive territory, with gains of some 1.70% on Thursday.
  • XRP/USD rallied aggressively, reversing a bearish breakout from the prior session.
  • The bulls still need to push above $0.2000 to regain bullish bias. 
XRP Price Analysis: XRP/USD sees a possible short squeeze with vulnerabilities remaining under $0.2000
Ken ChigboKen ChigboIndependent Analyst

XRP/USD daily chart

A big retest is being eyed off a breached flag structure via the daily chart. There is also a chance the bulls capitalize on a near-term bull flag, following the bearish breakout. 

XRP/USD 60-minute chart

Heavy buying saw the price spiking up to $0.1900 in the early part of the European session. Sustainability will be told as the session progresses, there is a risk of this being a short-squeeze. 

Spot rate:                   0.1905

Relative change:       -3.70%

High:                          0.1932

Low:                           0.1741

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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