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  • XRP making good progress to recovery, trading in the green by around 6%.
  • Bulls managed to escape a bearish pennant structure, which could have been further punishing.

 

Ripple’s XRP was seen trading in positive territory on Wednesday, holding gains of just over 6% in the session. Life was kicked back into life in the back end of the session on Tuesday, forming a promising reversal candlestick.

XRP/USD price action had formed a bearish pennant pattern, which had been structured from the 24th November. A convincing breakout has been seen today on the 4-hour chart view, a daily close above would be very appealing to further buyers.

Should the bulls manage a break down of the $0.4000 price area, a fast move could be seen back towards the $0.5000 territory. Support should now be eyed just above the pennant pattern, around $0.3650.

 

XRP/USD 4-hour chart