Ripple’s XRP Price Analysis: Bears biting for return to the big psychological $0.5000 mark

  • XRP/USD selling pressure, appearing to be some touted profit taking.
  • SWIFT has denied the rumours of a partnership with Ripple, following the circulation via the social media space.

Ripple’s XRP has been under pressure for the past two trading sessions now, dealing with touted profit taking. Following a decent run of gains, the price had been on a three-consecutive run of gains, below running into sellers.

XRP/USD gained an incredible 30% from the back end of October until 6th November, before hitting a recent top. The market bears will likely be eyeing a return down to the big psychological $0.5000 mark.

Looking via the 60-minute chart view, a near-term ascending trend line can be seen. This has been running from 4th November. Should XRP/USD continue south and meet this trend line, it is seen around $0.5000. A failure to hold could see a fast move down to $0.4600 area, where the next area of demand is observed.

 

XRP/USD 60-minute chart

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