Ripple’s XRP Technical Analysis: XRP/USD downside move not over

• 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.