- XRP ending a med-term downward sloping consolidation pattern.
- Next leg may be on the upside, after this range breaks.
XRP, the coin of ambitious parent Ripple that is solving cross-border payments problems, is on the verge of breaking out of this downward sloping consolidation pattern and chances are the earlier uptrend may resume.
XRP/USD is trading about six cents of a percent lower on day at $0.309 and trading in just less than 2 percent range for the day. On the 480-minute chart of XRP, it has been consolidating in the falling wedge, the breakout of which is on the horizon.
Once broken out, this could take towards $0.43 types, but before that there is another long term hurdle of the daiily chart where it has been forming a downward sloping parallel channel and the resistance for the same is around $0.36-0.37.
XRP/USD 480-minute chart:
XRP/USD daily chart:
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