Ripple price analysis: XRP/USD attempting to stage a rebound, price within ascending channel

Bears are taking a breather after the heavy selling pressure seen last week in XRP/USD.
Ripple attempting to stage a rebound, bouncing off support seen at $0.75.

Ken Chigbo Independent Analyst

The Ripple price is seen up around 3% in early trading on Monday, after encountering heavy selling pressure during most of last week’s sessions. There was a bearish trend seen across the market, but Ripple specifically had some rollercoaster, after Coinbase speculation and then denial from the exchange.

Given the consecutive downside pressure the market was in last week, the bears appear to be taking a breather, as the moves were quite chunky. The price is attempting to stage a rebound, after bouncing of some support seen around $0.75.

XRP/USD is trying to break through resistance seen within the $0.82 region, this is where the 50% Fibonacci is also tracking. To the upside there are barriers from $0.82-0.90 range, it may prove difficult for Ripple trying to regain $1.00 in the short term.

XRP/USD 30-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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