- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.