Ripple's XRP Price Analysis: XRP/USD drop update; stops triggered to the downside
- Chunky selling pressure triggered in the latter stages of Tuesday's session, forcing a drop of around 3% for XRP/USD.
- XRP/USD breaks to the downside from a near-term supporting ascending trend line.
Ripple's XRP came under heavy selling pressure in the latter stages of trading on Tuesday. It doesn't appear to be anything fundamental. The move possibly technically linked. A breach of a near-term support area was seen, which could have seen sellers pile in.
XRP/USD via the 30-minute chart view had been grinding higher, supported by an ascending trend line. This has been supporting the price since the early part of yesterday's - Monday session. A breach has most recently been observed. A technical move of stops being triggered to the downside, as the price headed through the above mentioned support.
Buyers are attempting to defend the big pychological $0.5000 mark.
XRP/USD 30-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.
