Market Overview

XRP/USD Breakout Is Imminent

XRP/USD Breakout Is Imminent
  • Ripple's XRP price on Thursday is trading in the red, down some 0.40%. 
  • XRP/USD price action continues to narrow, remaining in consolidation mode, moving within a bearish pennant structure.
  • Buyers are heavily trying the defend the $0.2500 mark, failure to do so could open the door to a strong wave of selling pressure. Should the bears force a breach the narrowing conditions, then the next major demand zone is seen down at $0.2000.

XRP/USD daily chart

  • Price action moving within a bearish pennant structure, conditions are very narrow, with a potential breakout nearing.

XRP/USD 60-minute chart

  • XRP/USD continues to flirt with the big heavily defended $0.2500 price mark. A breakout could be punishing, next major area of support eyed down at $0.2000.

Image Sourced from Pixabay

Posted-In: crypto market FXStreetCryptocurrency News Eurozone Forex Markets General


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