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Ripple’s XRP Price Analysis: XRP/USD making big test to the downside from triangular structure

Published 03/21/2019, 11:38 AM
Updated 03/21/2019, 11:39 AM
© Reuters.

© Reuters.

  • Ripple’s XRP is testing the lower supporting trend line of a triangular structure.
  • Should a daily closure below the noted support, eyes will then be on $0.3000-0.2500 demand zone for buyers once again.

XRP/USD price in the second half of the session on Thursday continues to trade within a narrow trading range, which has been observed since 27th February. There has been a lack of commitment since running into heavy selling pressure on 24th February.

The price as pointed out throughout this week, has been moving within a triangular structure pattern. The current daily candlestick is popping to the downside, breaching the lower acting trend line support of the pattern.

Technically, the next major area of support is eyed from $0.3000 – 0.2500 price range. XRP/USD has been heavily reliant on this area for support since January. For greater upside, the bulls must breakdown $0.3300-0.3500.

XRP/USD daily chart

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