Ripple price analysis: XRP/USD holding modest gains of 2% on Wednesday
- Modest gains of 2% observed for Ripple
- Partnership development have lack of influence on price for time being
- Bull momentum remains soft at this time
The Ripple price is seen up marginally on Wednesday, up around 2%, surprisingly slightly underperforming in comparison to the rest of the market. There still appears to be some indecisiveness, among Ripple investors, give the lack of momentum in either direction.
As mentioned above, is surprising to see a little bit of under from Ripple, due to the developments over the last week or so for its network partnerships. The market has observed announcements from the likes of LianLian major payment processor based in Hong Kong, and UAE Exchange in the Middle East. Neither partnerships, had much influence on the price of Ripple at the time.
XRP/USD is still slowly grinding higher, with not much bull momentum behind it currently. The major resistance is seen at the about trend line, which had been supporting the price in the back end of 2017. The challenge looks to be around $1.35, support remains at underneath trend line, tracking around $0.75.
XRP/USD daily chart
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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.
