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Ripple's XRP Price Analysis: XRP/USD bulls attempting big breakout of narrowing triangular structure

  • Ripple's XRP price is trading in the green by some 4.60% in the session on Tuesday.
  • XRP/USD bulls regaining control following a brief retest of $0.2000 mark. 
  • Price action has been narrowing within a triangular structure, with next committed move eyed. 
Ripple's XRP Price Analysis: XRP/USD bulls attempting big breakout of narrowing triangular structure
Ken ChigboKen ChigboIndependent Analyst

XRP/USD daily chart

The bulls are testing the upper acting resistance of a triangular structure, setting up for a potential breakout. 

XRP/USD 60-minute chart

Near-term supply via the 60-minute observed at $0.2215-50 range, a break and closure above critical for further upside pressure. 


 

Spot rate:                  0.2200

Relative change:      +4.80%

High:                          0.2247

Low:                           0.2112

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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