Ripple’s XRP technical analysis: XRP/USD big retest on the cards

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  • Ripple’s XRP price on Friday is trading firmly in the red by some 3% in the session.
  • XRP/USD bears are forcing the price to give back the strong gains seen earlier in the week.
  • The price is heading for a retest of a breached pennant structure, failure to hold the retest could be punishing.

 

Spot rate:                 0.2924

Relative change:      -9.05%

High:                         0.3025

Low:                          0.2888

 

XRP/USD daily chart

  • The price earlier in the week extended to the upside off a breached pennant, bears are pushing for the retest. 

XRP/USD 60-minute chart

  • Price action is forming a potential head and shoulders structure, with the price heading towards a neckline retest, almost completing a right shoulder. 

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