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/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
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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