Ripple price analysis: XRP/USD flirting with key support zone, bears looking for breakthrough back to $0.50 region, as 2017 sell-off may not be over
|- Bears retain firm control of pushing XRP/USD lower, eyes on possible break of support zone, $0.66-0.62.
- 2017 sell-off may not be over yet for the cryptocurrency market in general.
The Ripple price is seen down again on Tuesday, some 2.7%, as the market bears remain in control of taking XRP/USD to the south. It has been a soft start to the week so far for much of the cryptocurrency market, after the bull run failed to sustain momentum.
Many were speculating as to whether the market was out of the bearish trend lower, that had been seen for much of 2017. There was hope after a decent bounce in the market seen at the start of April, XRP/USD has jumped around 100%. The price started to lose momentum and re-entered the bear market on the 5th May.
Technically, XRP/USD is trading just within a buying zone, tracking from around $0.62 to $0.66, this area does not appear to be very firm, so could be vulnerable to a breach. Should the price slip below, eyes will then the mid $0.50 will likely come back into play. Resistance to the upside should be noted at; $0.70, $0.75 and $0.78.
XRP/USD daily chart
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