Ripple price analysis: XRP/USD jumps up 4% in an attempt of recovery, but bears may just be taking a deep breath
|- Ripple takes a breather after heavy selling pressure, up on Thursday by 4%.
- XRP/USD is heading for its fourth consecutive week in negative territory.
The Ripple price was seen up over 4% in the mid-point of Thursday’s session, looking at laying the foundations for a recovery in the brutal bouts of selling recently. This pause in selling may just be the bears taking a breather, ahead of further move.
XRP/USD is currently heading for its fourth consecutive week in the red, dropping almost 40% within this period, from $0.92 down to lows this week of $0.57. Ripple bears broke down a known buying zone, which was initially seen between $0.67-0.63, the next zone runs from $0.58-0.54, where most recent support has been seen.
Technically, a small bounce has been witnessed in the session of Thursday, it isn’t out of the norm at all to see a breather before a continued move lower. With key supporting areas being breached and penetrated, XRP/USD still looks vulnerable to resumption of selling pressure. Levels within the near-term to keep aware of; $0.57-0.54, $0.49 lows of the week commencing April 23 where a long wick can be seen on the weekly.
XRP/USD weekly chart
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