Ripple’s XRP Price Analysis: XRP/USD is a sitting duck awaiting bear attack

Ripple’s XRP can be seen trading in minor negative on Wednesday and remains vulnerable.
The next major area of demand is observed sub the $0.30 mark, as proven on several occasions.

Ken Chigbo Independent Analyst

Ripple’s XRP was seen trading in minor negative territory on Wednesday night. Price action once again has been confined within a narrow range, with vulnerabilities still pointing to further downside.

XRP/USD over the past six sessions, has been stuck within a daily range-block formation. The upper resistance can be observed from $0.34-0.35, with lower support seen at the $0.32 mark. There isn’t much in the way of major support, until south of $0.30.

A very well-known area for buyers can be seen sub-$0.30, the price last traded here mid-December. On 17th December a decent amount of buying interest kicked firmly back into XRP, after being forced to such depressed levels Bears will likely drive XRP/USD to seek support/buyers down within this demand area.

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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