Ripple’s XRP Price Analysis: XRP/USD stuck within a worrying wedge

XRP/USD is seen trading with decent gains in the latter part of Wednesday, up some 3%.
The price has been moving within a wedge pattern, which is subject to a potential breakout to the downside.

Ken Chigbo Independent Analyst

Ripple’s XRP trading within positive territory in the latter stages of trading on Wednesday, gains of some 3%. Despite the upside observed in the session, XRP/USD is still moving within a narrow range, $0.3000 recent bottom area, upper part of range seen around $0.3300.

XRP/USD has been moving within this tight range for approaching six sessions now. There is still a lack of full commitment from either camp. Any short-term rallies as seen today – Wednesday for example, have proven to be unstable, as bears sell those.

Once the current range mentioned, from $0.3300-0.3000 be broken, chunky momentum will likely be seen. As it appears, technically, XRP/USD looks more vulnerable to further downside movements. Consolidating after the heavy selling pressure just some days ago, which could be a resting period for the bears, ahead of another steep fall potentially.

XRP/USD 4-hour 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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