FX.co ★ XRPUSD remains vulnerable to more downside.

XRPUSD like most cryptocurrencies has been moving mostly sideways over the last few sessions. Price has made no real progress after the May 12th sell off and major low at $0.33. Price has mostly been moving sideways around $0.41 since then and has formed a descending triangle pattern.

This is a bearish continuation pattern as bulls are getting weaker and weaker each time they try to push price higher. This is depicted by the lower highs. Price is now approaching the triangle base at $0.38 and if this support is broken down, then we should expect XRPUSD to remain under pressure with potential downward move towards $0.30 and even lower. Resistance is at $0.42 and as long as price is below this level, bulls will be vulnerable to a move lower..