Ripple's XRP Technical Analysis: XRP/USD is retesting a breached descending wedge formation

  • Ripple's XRP nursing losses on Thursday of a chunky 4% in the second half of the session.
  • XRP/USD is confined within a descending wedge formation, seen via the daily. 


XRP/USD 15-minute chart

  • Price action is moving within a near-term bearish pennant formation. 

Spot rate:               0.3218

Relative change:    -4.05%

High:                       0.3382

Low:                        0.3067 


Trend:                     Bearish


Support 1:               0.2972, daily pivot point support.

Support 2:               0.2708, daily pivot point support.

Support 3:               0.2553, daily pivot point support.

Resistance 1:          0.3391, daily pivot point resistance.

Resistance 2:          0.3546, daily pivot point resistance.

Resistance 3:          0.3810, daily pivot point resistance.


XRP/USD 60-minute chart

  • Evening star formation seen on the 60-minute chart, which followed downside, playing by the textbook. 

XRP/USD daily chart

  • XRP/USD price action via the daily broke out in previous session and now retesting the a breached wedge.

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