Ripple Price Analysis: XRP/USD bulls are setting up another attempt for chunky moves north

Ripple price was seen up with modest gains of some 0.80%, through the second half of the session on Tuesday.
XRP/USD takes a very promising bounce of a key near-term ascending trend line, which is part of a wedge formation.

Ken Chigbo Independent Analyst

The Ripple price was seen trading with gains shy of 1%, up some 0.80% on Tuesday. Buyers have evidently picked up across the crypto market across, after the soft start to the week seen on Monday.

XRP/USD as mentioned above, has taken a decent bounce off a key near-term support, which makes up a rising wedge pattern. The current momentum could likely carry the bulls back up for a retest, of the troublesome $0.3500 region.

Technically, next major resistance is seen up in the territory of $0.3500, a breakout of this could finally open the door to a return above $0.4000. Support seen at latest bounce, tracking around $0.3350.

XRP/USD 4-hour 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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