Ripple price analysis: XRP/USD losses ground in strong resistance zone early $0.70 region, as bears bite back
- Ripple runs into strong resistance within the early $0.70 region, known supply zone.
- Bearish momentum could see XRP/USD given back last week’s gain.
The Ripple price is seen down some chunky 8% in the opening start to the week on Monday, losing ground in a very key area of resistance, seen at the early part of $0.70 region. There is a sell-off seen across the crypto market, as it could very well be that the path to recovery has run out of steam again.
Across last week, a decent recovery in the crypto prices was being observed, a substantial pick up for a lot of the major altcoins. There were gains as much as 20% seen for the likes of Ripple, however it appears the rallies the market observed, are once again being sold by the bears.
XRP/USD technically has the bearish momentum to deal with, it ran into some very strong selling, this is a known supply zone within $0.70. Back on 19th March, the price ran into bears, where it was driven lower down to $0.45, in the matter of some days. Should this downside pressure pick up some pace, it wouldn’t be too surprising to see last week’s gains given back, with price heading to support within $0.40 zone.
XRP/USD
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.
