Ken Chigbo
Independent Analyst
- XRP/USD under heavy selling pressure on Monday, down as much as 5%.
- Eyes on key-near-term support of $0.3300 and then the December low area, within $0.2800 territory.
Ripple’s XRP was under heavy pressure by the market bears again, as the price further cools. The bulls failed to sustain the explosive December bull run, which had commenced on 16th December. Across the crypto market prices are under pressure.
A key area that the bulls have struggled with for quite some time now is the $0.4000 territory. XRP/USD has not been convincingly above this since 20th November, during the midst of the most recent market selling pressure.
Keeping in mind current downside momentum, eyes must now focus on the areas of potential support. Firstly, the $0.3300 price region, having most recently provided support on 27th December. The bulls also consolidated here between 17-18th December, before continuing its explosive move higher. A failure of this holding, could send XRP/USD free-falling to retest the December low area, sub-$0.3000.
XRP/USD 4-hour chart
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