Ripple price analysis: XRP/USD short term bull move fails to have enough juice for a move above key resistance
- Ripple remains below key resistance zone, which previously supported the price, within the mid $0.60 region.
- Next support is eyed at $0.55, further south could see $0.40 come into play, the bottom of a falling wedge pattern.
The Ripple price further suffered on Friday, dropping as much as 5% in the session, continuing the downside pressure seen throughout the week, after temporary relief during Thursday’s session, not being sustainable.
XRP/USD is at its lowest levels seen since the week of 23rd April, this week have resulted in chunky losses, dropping almost 50% within the past five days. The price continues to be dictated by a falling wedge pattern.
Technically, as the price broken through a decent buying zone within the mid $0.60 region, it has opened doors for $0.55 to come back into play. During the nominal upside momentum seen on Thursday, the bulls did not have enough juice in the tank, to take the price over the now resistance tracking from $0.62-0.65. After $0.55, the next downside target would be eyed just below $0.40.
XRP/USD weekly 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.
