- Ripple price was slammed in the latter stages of trading on Monday, nursing losses of some 3%.
- Big failure for bulls, after not being able to break above a descending trend line, that helps form a falling channel.
The Ripple price came under selling pressure in the latter stages of trading on Monday, nursing some losses of over 3% in the session. This comes after the bulls failed to push above resistance, which was tracking at $0.2825.
XRP/USD price action has been moving within a descending channel pattern, which started taking shape from 6-7th September, it has been respected since. After the heavy crash that took place from 4th September, Ripple has traded within a tight range of around 2.5 cents, swinging between $0.2550 to $0.2800.
Technically, there is some support seen around $0.2680-50, if the bears manage to push through this, then XRP/USD could quickly be back at the next demand area $0.2550. The mentioned area of support is not too far above the lower part of the descending channel, of which the price is being dictated by, tracking around $0.2450. Resistance in the near-term remains at the upper part of the channel formation, tracking at $0.2825.
XRP/USD 60-minute chart