- XRP/USD is trading down around 1.00% on Wednesday, as the selling pressure resumes.
- Price action has formed a bearish pennant, which is vulnerable to a breakout south.
Ripple’s XRP is trading down some 1.00% at the time of writing, as the bears maintain control of price action. XRP continues to trade around the lowest levels seen since 2017.
XRP/USD is narrowing within a bearish pennant structure via the daily. The range is seen at a high of $0.2290, down to a low of $0.2180. Given the tightening conditions a breakout is looking increasingly likely for the price.
Should the bears manage to capitalize on the detailed structure, then another wave of selling pressure could be around the corner. The next major level to the downside is eyed at $0.2000, where the price tested on 25 November. Further south would be $0.1500, which could spark much panic selling, should such technical breakout occur.
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