XRP/USD big pullback on the cards, as the price looks to complete the textbook set up

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  • 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

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