- Ripple’s XRP wearing heaving losses of over 7% in the session on Monday.
- XRP/USD price action broke out and has retested a rising channel pattern, subject to further downside pressure.
- The daily time frame continues to show the price penetrating lower support of a pennant pattern.
- Mass selling pressure continues across the cryptocurrency market, after last week’s downside moves.
XRP/USD 60-minute chart
Spot rate: 0.4784
Relative change: -7.07%
High: 0.5131
Low: 0.4652
Trend: Bearish
Support 1: 0.4757, daily pivot point support.
Support 2: 0.4594, daily pivot point support.
Support 3: 0.4279, demand zone & 15 November low.
Resistance 1: 0.4900, underneath breached channel.
Resistance 2: 0.5292, daily pivot point resistance & 13 November high.
Resistance 3: 0.5456, daily pivot point resistance.
XRP/USD daily chart
- Market bears penetrading lower support of pennant pattern via the daily view.
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