Ripple’s XRP Price Analysis: XRP/USD moving within descending channel pattern, subject to breakout
|- XRP/USD descending channel pattern formation, bulls looking for a breakout.
- Bulls have managed to pullback some of the initial heavy losses seen at the start of the session.
Ripple’s XRP is still trading down some 3.5%, however has managed to recover some of its losses, after starting the session heavily weighted to the downside. The cryptocurrency market wide continues to try and find its feet.
XRP/USD price action is moving within a descending channel pattern, which is subject to a possible breakout, however deeper move lower may be seen first. The formation of this began towards the back-end of Wednesday’s session.
Technically, near-term resistance is eyed at $0.4630, the upper trend line of the descending channel formation. Should any breakout be seen eyes would then be on a return to the psychological $0.5000 mark. Support observed at $0.4275, lower trend line of the descending channel.
XRP/USD 60-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.