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.

Ken Chigbo Independent Analyst

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

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.

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