Ken Chigbo
Independent Analyst
- XRP/USD nursing deep losses in the latter stages of Tuesday, after a wild swinging session.
- Bears are testing a vital area of support to the downside, the lower tracking trend line of a pennant pattern.
Ripple’s XRP price nursing deep losses of some 7% in the latter stages of trading on Tuesday. The trading session has been very much a roller-coaster. XRP/USD had started the day firmly on the back foot, nursing double-digit losses, to then see a chunky amount of buying to take the price back to flat. However, this move was very much short-lived.
XRP/USD continues to move within a pennant pattern, this has been the case since mid-September. A range-bound form of trading, with the lack of committed direction from either buyers or sellers. Given the extent of time XRP/USD has traded within this pattern, it makes it subject to a chunky breakout.
Near-term vital support should be noted at $0.4400, which is the lower trend line of the pennant pattern. Further south, eyes on the 100DMA tracking at $0.4190. Any failure to hold at these levels, could be very punishing. A fall down to $0.30-0.25 could be on the cards.
XRP/USD daily chart
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