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.

Ken Chigbo Independent Analyst

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

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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