Ripple Price Analysis: XRP/USD must breakdown this area to see the heights again, otherwise the bears will come in for the kill
- Ripple price was nursing noteworthy losses of around 1.7% in the latter stages of trading on Monday.
- XRP/USD is moving very gradually at the moment to the upside within an ascending channel.
The Ripple price was seen trading in negative territory by 1.70% in the late part of Monday’s session. A generally down day has been seen across the crypto market, with the major altcoins. Bullish signs still remain for XRP/USD, but it must tackle the near-term barriers.
XRP/USD has gained a chunky 30% since the troublesome lows printed on 14th August, where the price was dealing with deflated levels of around $0.2500. The price since seen a strong bullish move to the upside.
Technically, bulls must breakdown the very tough resistance within the $0.3500 region, this is the key for further upside in XRP/USD, otherwise the bears will quickly swoop back in, to take the price back down to levels within $0.2000 range. Support in the near-term eyed at $0.3325, lower part of the rising wedge and then within $0.3250 proximity, demand zone.
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.
