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Ripple

Ripple’s XRP Price Analysis: XRP/USD penetrating vital near-term support, eyes on a fast potential fall here

  • 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

Source: fxstreet

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