Ripple (XRP/USD) Price Analysis: Bears Toyin with Game-changing Support via Daily Chart View

Ripple price nursing losses just shy of 2% in the latter stages of Friday’s session.
XRP/USD bears are pressing a key area of support on the daily, eyed around $0.4550.

Ken Chigbo Independent Analyst

Ripple’e (XRP) has been under pressure on Friday, trading in the red by some 2%. The second half of this week has been dominated by the bears. Additional downside coming after a reversal doji candlestick on the daily seen on 17th October.

XRP/USD is currently heading towards its third consecutive session in the red. The price having dropped around 13%, following the big aggressive move higher, that was observed on 15th October. Bulls managed to reach highs of around $0.5300.

Technically, the bears are testing strong daily support eyed at $0.4550. A breach could be costly, inviting a new potential wave of sellers. Eyes would then be on $0.3780, lows seen between 11 – 12th October. To the upside, resistance remains firm at the psychological $0.5000 mark.

XRP/USD daily 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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