- XRP/USD subject to profit-taking in the latter stages of trading, following aggressive breakout to the upside.
- The price had broken out of a bullish pennant set up and is currently undergoing a retest.
XRP in the late part of Monday, was seen edging lower, giving back some of the big gains that were initially seen. Nevertheless, XRP/USD remains trading firmly within the green, up a big 8%, flirting around the $0.40 mark.
XRP/USD in very early hours of Monday, had broken out from a bullish pennant pattern, seeing an aggressive wave of buying pressure come into play. The session high was seen at $0.4669, where the bulls then started to lose some ground.
Price behaviour at the moment is playing out to the textbook, with the breakout of the pennant and now undergoing a retest. The upper part of the pennant pattern, where XRP/USD would likely find support is observed around $0.38 territory.
XRP/USD 4-hour chart
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