Ripple’s XRP price analysis: XRP/USD moving within big bull flag or channel of death

  • Ripple’s XRP remained on the backfoot throughout the session on Tuesday, nursing losses of some 2%.
  • XRP/USD price action is trending lower, with the price producing lower highs.

 

Ripple’s XRP price towards the late part of trading on Tuesday is seen nursing losses of some 2%. XRP/USD has been cooling throughout the month of June so far, after failing to breakdown the $0.5000 price barrier.

XRP/USD since the back-end of May has been producing lower highs, with the price moving below a descending trend line of resistance. The bulls have been unable to regather upside momentum, if they do, it is very much short-lived and sold by the bears.

In terms of support, the next major area of interest is seen down at $0.3600, where the lower tracking trend line can be observed. To the upside, resistance is observed at $0.4000, where the above trend line is acting.

 

XRP/USD 4-hour chart

 

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