XRP price analysis: XRP/USD set for big 2019 low retest

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  • XRP is trading down some 9% at its lowest level seen in around 1 week.
  • A fresh wave of selling pressure came into play, breaking out of a critical bearish flag structure.

 

XRP is trading down a chunky 9% in the latter part of Wednesday, following a brutal bout of selling that hit the market.

The price has been forced to trade at its lowest levels seen in over a week, as the price smashed out of a bearish flag structure. The noted pattern had been containing XRP since 25 September, as it was consolidating, after bottoming out late in September down within the $0.2100 territory. 

XRP/USD is heading for a likely retest of 2019 low that was printed late in September. Should the retest fail to find support, then the $0.2000 mark may be in for some penetration from the bears. 

 

XRP/USD daily chart

 

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