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  • Ripple’s XRP is slammed drops around 6% in the past two hours of trading on Monday.
  • As reported this morning, XRP/USD had initially formed a bullish technical set up, however bulls failed to capitalize on this. Failed bullish set up.  

 

Ripple’s XRP cam under some heavy selling pressure into the second half of the session on Monday. The price at the early part of the day was initially trading steady, trading marginally in positive territory.

XRP/USD price action after the chunky gains on Sunday, consolidated somewhat and had formed a bullish pennant pattern. This set up was seen via the 60-minute chart view, which has since completely failed and now under pressure.

Next major support area is eyed around $0.3400-0.3300, should the current momentum continue south. This is where a demand zone can be seen, having last assisted the price in the session yesterday – Sunday.  

XRP/USD 60-minute chart