Ripple Price Analysis: XRP/USD must break this key supply area now or back to $0.20 territory a strong possibility
- Ripple price in the latter stages of trading on Wednesday was seen up just shy of 2%, after giving back some of the early session advance.
- XRP/USD has been attempting to breakdown a supply area, tracking from back end of $0.50 region to early $0.60 territory.
The Ripple price was seen trading with up with minor gains in the latter stages of trading on Wednesday, just shy of 2% in the session. It had started the session with real strong momentum, up some 5%, before running into the heavy near-term supply area.
XRP/USD price action is having another attempt to solidify the strong bull run seen last week, after taking a beating at the start of this trading week, as the market was hit with a large bout of profit taking, which wasn’t too surprising.
Near-term troublesome resistance is eyed at a supply zone which once again rejected the upside momentum in Wednesday’s session. It is seen tracking from around $0.57 up to $0.62. Should the bulls manage to tear through, it could open doors for the long upper wick seen on 21st September be filled. Support looks solid around $0.44, which if the price edges back towards this area, could see a double bottom formation produced.
XRP/USD 4-hour 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.
