Ripple price analysis: XRP/USD slammed 5% as price running towards vital support at $0.55, as bears look for $0.40
|- Ripple price is slammed on Monday, with key support $0.55 being tested.
- Bears will be making a push for sub $0.40, should the momentum gather some further pace.
The Ripple price is hit hard on at the start of the week, down over 5% on Monday, as the crypto market resumes its collective move south, which has been the case for over 4 weeks now. There isn’t much sign of an easing of pressure from the bears as of yet.
XRP/USD price action has stagnated since falling below strong support within the mid $0.60 region, which is now consequently very stubborn resistance. Ripple is now being forced to trade at its lowest levels seen since 11th April.
Technically, momentum is very much to the downside, given the recent price behaviour in the clean break below key support and now unable to move back above, Ripple is further vulnerable. If the price fails to be supported at $0.55, then it may not be long after until $0.40 is breached, seeing the it move towards $0.37, the bottom of the falling wedge pattern.
XRP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.