Ripple Price Analysis: XRP/USD remains erect after the sharp rally seen, near-term upside buying pressures
- Ripple price holding modest gains on Wednesday, up almost 2% in the session.
- XRP/USD price action is forming a rising wedge pattern, which spells potential trouble on the horizon.
The Ripple price collected modest gains on Wednesday, seen up just shy of 2% in the session, after it spiked over 18% in the prior session. Price across the crypto market remain elevated, after the decent bounce seen at that commenced at the start of the week.
XRP/USD price action was moving firmly to the downside since 1st September, with any upside very much contained by a running descending trend line. The bulls managed to make a chunky break above this on Wednesday, with much anticipation after reports on new Ripple-based payment platform, xRapid, expected for launch in October.
Technically, XRP/USD for the time being is still subject to some further buying pressure, after the price broke above the mentioned descending trend line. Focus on the recent formation of a rising wedge pattern, resistance to the upside seen at $0.3350, with support seen at a double bottom $0.3150.
XRP/USD 60-minute chart
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.
