Home Ripple’s XRP Price Analysis: XRP/USD smashes out of a descending wedge formation
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Ripple’s XRP Price Analysis: XRP/USD smashes out of a descending wedge formation

FX Street
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  • Ripple’s XRP slammed around 6% during trading on Monday, as bears regain control.
  • XRP/USD breaks out to the downside from a descending wedge pattern formation.

Ripple’s XRP was forced out from a descending wedge pattern formation, the lower support has been breached. The price was seen trading down a chunky 5.8% towards the latter stages of Monday’s session.

XRP/USD price action had been moving within a descending wedge formation, as detailed above, this can be seen via the daily chart view. The price was confined within this since 19th December. XRP/USD then peaked on 24th December, to then resume its downside selling pressure.

In terms of support, the price is currently moving within a known area of demand, this can be noted tracking from $0.3000-0.2500 price range. Immediate support should be noted at $0.2800, the low area of December 2018 and the low of the year for 2018.

XRP/USD daily chart  

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