- The Ripple price further losses ground on Friday, after a decent two session run, making decent initial solid ground on recovery.
- XRP/USD bears are pressing for a retest of the broken descending channel.
The Ripple price lost ground on Friday, following two sessions of solid gains, which saw upside of some 14%. Chunky gains were seen across the market, after that mysterious big bounce triggered late on Wednesday.
XRP/USD made an initial extended move to the upside from a descending channel pattern, that was containing the price. The breakout was seen on Wednesday, with gains further seen during the session of Thursday.
Technically, playing to the textbook, XRP/USD looks vulnerable to the retest post the breakout of the mentioned channel. This move should see a pullback towards the top of the channel, support could likely be seen around $0.2550. Supply looks difficult for the bulls to breakdown now within $0.2850 territory.
XRP/USD daily chart