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Technical Analysis

XRP Daily Price Analysis. Falling Wedge Formation

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  • XRP price in falling wedge formation
  • Key Support $0.25
  • Key Resistance $0.285

1 Hour XRP/USD price chart

XRP continues its downward movement against the U.S. Dollar by losing over 2.5% in the last 24 hours. The price is clearly moving within the falling wedge formation towards key support at $0.25 cents. We may witness a sharp reversal when the trend line crosses the support line.  Bulls may also take control of the market sooner if the price moves further down below $0.265 on high momentum and prints a long tail candlestick.

XRP price would need to pass several resistance levels and close above the key resistance of $0.285 for the market to become bullish again.

Chart source: Tradingview

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