Ripple Price Analysis: XRP / USD remains erected after the strong rally seen, short-term upward buying pressures

  • The price of the waves recorded modest gains on Wednesday, up nearly 2% in the session.
  • The XRP / USD price action is forming a growing wedge pattern, which marks potential problems at the horizon.

On Tuesday, Ripple's price picked up modest earnings, seen just under 2% in the session, after it surpassed 18% in the previous session. The price throughout the encrypted market remains high after the fair rebound started at the start of the week.

The XRP / USD price action has moved significantly down since 1 September, with a very modest rise from a downtrend line run. The bulls managed to make a big break on Wednesday, with great anticipation after news on the new Ripple-based payment platform, xRapid, scheduled for launch in October.

Technically, XRP / USD is still subject to some additional buying pressure for the time being, after the price has broken above the aforementioned downtrend. Focus on the recent formation of a growing pattern of wedges, upward resistance seen at $ 0.3350, with support seen at a double minimum of $ 0.3150.

60-minute XRP / USD chart

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