Ken Chigbo
Independent Analyst
- Ripple’s (XRP) price took a firm bounce, jumping as much as 14% in the session.
- Upside was capped, as XRP/USD met sellers at $0.4400, in proximity to a touted area of supply.
Ripple (XRP) price laid the foundations for a recovery on Friday, after the price jumped as much as 14%, in the session. In a big attempt to recover the heavy losses encountered in early hours on Thursday, the price fell just shy of 20%.
Caution is still eyed for XRP/USD, as the price was met by sellers within the early $0.4400 territory. As seen on the daily chart, XRP/USD took support in an area that was seen on 7th August. This is seen around $0.3775. The level is significant because it temporarily held here, ahead of then crashing through in the following session on 8th August. The price then went on to fall to a low of around $0.2520.
It is vital for the bulls that XRP/USD holds above the key mentioned level, $0.3775, otherwise a repeat of the August fall could be seen. Should buying pressure pick up, resistance to the upside looks chunky from $0.4500-0.4700. Further north, eyes would then be on a reclaim of the psychological $0.5000 mark.
XRP/USD daily chart
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