Ripple’s XRP Price Analysis: XRP/USD bears smash through vital near-term support
|- XRP/USD comes under heavy selling pressure in late trading on Thursday.
- Next major levels to watch; $0.2950, then $0.2500-0.2000 for support.
Ripple’s XRP is was seen trading down over 2.5% in the latter part of Thursday’s session. The price was hit with some late selling pressure, after the bears crashed through key near-term support, exacerbating the move south.
Over the past two sessions, XRP/USD has been well-supported by an ascending trend line. However, the bears forced a breach, which was seen around the $0.3055 level. A fast move to a fresh session low was observed, XRP testing $0.3000 mark to the downside.
The next major support is eyed down at $0.2950, this is the recent bottom area, produced on 11th December. Any failure of this holding will like invite a fresh strong wave of selling pressure. The demand zone below should be noted at $0.2500-0.2000.
XRP/USD 60-minute 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.