Ripple price analysis: XRP/USD jumps 5% higher, but heading for touted resistance zone, which could see gains given back
- Ripple has gained over 40% during this week’s trading, from lows of $0.48 to highs of $0.69.
- There is a touted resistance zone which runs from $0.69 to $0.72.
The Ripple price has rallied another 5% during trading on Friday, running within 4 sessions of consecutive gains. Ripple has managed to move over 40% higher this week, jumping from lows of $0.48 up to highs of $0.69.
Across the crypto market can see a strong recovery, as all the major altcoins move in lock-step with the current change in sentiment. There hasn’t been anything of a catalyst to attribute you sudden shift, some big players saying the bottom of recent downward trend may have been reached, but that may be too premature to say.
Ahead is a touted area of resistance for XRP/USD, seen within the 4-hour time frame view. The supply zone runs from 0.69 to $0.72, this may prove to be a challenge for the price in terms of breaking through. Should a may be seen through this area, the early $0.80 region will be the next area to conquer.
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.
