- XRP/USD subject to another breakout south, as price moves within pennant structure.
- Next major area of support will be eyed down at $0.4100-0.4000 for XRP/USD.
Ripple’s XRP was seen trading down over 3% towards the latter stages of trading on Thursday. The price failed to recover any of the losses accumulated, remaining firmly under control of the market bears during the session.
XRP/USD price action is moving within a bearish pennant structure, as seen via the 4-hour chart view, subject to a break lower. Bears continue to test the lower support, a breach could be punishing for the price.
Near-term support should be noted at the lower trend line, tracking at $0.4335. Should the bears manage to pierce this support, a fall to $0.4100-0.4000 could be seen in no time. Resistance to the upside observed around $0.4420-40 area.
XRP/USD 4-hour chart