Ken Chigbo
Independent Analyst
- 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.
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
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