Ripple price analysis: XRP/USD tormented again by the strong resistance at $0.80, down 5% on Tuesday

Ripple continuing the previous sessions losses, down around 5% on Tuesday.
Support sitting firm around $0.76-0.75, resistance seen at $0.80, 50 and 100 DMAs.

Ken Chigbo Independent Analyst

The Ripple price is seen as one of the underperformers during trading on Tuesday, as pressure resumes to the downside for the crypto. Across the board losses can be seen firmly with many of the major altcoins, heading for another day in the red.

In terms of news flow, downbeat reports were covered on Ripple, after they lose a fight against R3 Holdco, this dispute was triggered as R3 Holdco accused Ripple Labs of not paying 5 billion tokens (XRP), under their agreed partnership. Full coverage read more.

Technically, XRP/USD is respecting a descending trend line, starting from the initial highs seen on 5th March. Price action is also bouncing within a range bound channel. Resistance is containing XRP/USD, seen at $0.8000, where both the 50 and 100 DMAs are trading. Support is holding faily tight around $0.75-0.76.

XRP/USD 1-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.

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