Ripple’s XRP Price Analysis: XRP/USD reclaiming the big $0.50
- Bulls storming ahead in latest recovery, after being hammered at the start of the session on Monday.
- XRP/USD is down just some 2%, earlier on it was nursing double digit losses.
- Price back within $0.50 area, moving to the upside within an ascending channel formation.
Ripple’s XRP made a decent recovery in the latter stages of trading on Monday, trading down just 2%. The price was nursing losses into the double digits, in the early part of the session. XRP/USD was forced to retreat within a known area of demand, helping put it back on stable footing, inviting firm buyers.
Decent buyers came in around $0.4650, a demand zone, that has proven on several occasions to find buyers. Price action in the latest recovery, has formed an ascending channel formation, as it moves back to the big $0.50 territory.
Technically, there isn’t too much resistance until the $0.5200 area. This is where the upper part of channel is seen, also a touted area of supply. XRP/USD having last faltered here up at the highs on 18th November session.
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.
