Ripple’s XRP Price Analysis: XRP/USD is summoned to trade within a range-block
|- Ripple’s XRP nursing minor losses of just some 0.3% late on Wednesday, markets still unable to commit to a trend.
- XRP/USD price moving within a range-block, high at $0.3800, low at $0.3500.
Ripple’s XRP price was seen trading down around 0.30% in the very late part of trading on Wednesday. This following on from another session of limited price action, no commitment seen in sight from either camp.
XRP/USD has been moving within a narrow range-block formation since 28th December 2018. In terms of news flow, Ripple in an official blog post detailed that several financial institutions are leveraging XRP. They detailed that 13 financial institutions have started to leverage the Ripple blockchain through RippleNet, with the total number of banks in the Ripple ecosystem now see at 200.
In terms of resistance, this can be seen running from $0.3800-0.4000. XRP/USD has not traded firmly above the $0.4000 price region since 24-25th December 2018. Should the bulls breach the highlighted range-block, chunky buying pressure will likely be seen. Support is noted at the $0.3500 figure, the lower part of the range.
XRP/USD 4-hour chart
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