- Ripple’s XRP price is trading in negative territory on Wednesday, as market continues to trend sideways.
- XRP/USD price action has formed a bearish pennant structure via the 4-hour view, subject to a breakout south.
Ripple’s XRP price is seen trading in negative territory, in the second half of the session on Wednesday. Price action continues to be non-committal, a lack of firm direction has not been seen for some time now.
XRP/USD has traded within a narrowing daily range for going on 13 sessions. Price action via the 4-hour chart view, has formed a bearish pennant pattern structure, subject to a breakout to the downside. The price is seen hugging closely to the lower support.
Looking via the daily confluence detector, in terms of major barriers of support initially; $0.3170 (daily 61.8% Fibonacci). Further south, $0.3005 (daily pivot point support). Outside of this, the lower trend line of the mentioned pennant, can be eyed at $0.3165. A breach and closure below, will open the door to further selling.
XRP/USD daily confluence detector
XRP/USD 4-hour chart