Ripple Price Analysis: XRP/USD heavy profit taking after exaggerated upside move
|- Ripple jumps over 18% in the session on Tuesday, before profit-taking kicks in.
- XRP/USD sees huge volume spike, greater than what was seen for the big bull run at the back end of 2017.
The Ripple price saw very decent gains on Tuesday, after it spiked over 18%, before profit taking started taking place in the latter part of the session. The upside seen in Ripple heavily outperformed several its peers.
XRP/USD price action was moving within a descending channel pattern, which took shape from 6-7th September, it has been respected up until Tuesday’s session. Large spike in volume was seen, big than that of the bull run seen at the back end of 2017.
Technically, XRP/USD up at the session (Tuesday) highs, ran into consolidation levels seen between 3-5 September, prior to the chunky fall. Profit taking appears to be underway, as the price ran into that proven area of resistance, heading into $0.34 territory. Support eyed at $0.3145 and then $0.3050.
XRP/USD 60-minute chart
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