Ripple’s XRP profit taking kicks in, near-term support broken for XRP/USD
- XRP/USD profit taking observed after the session highs on Tuesday, after chunky bull run.
- Price action break out from near-term ascending trend line, as seen on the 60-minute view.
Ripple’s XRP had enjoyed a chunky bull run through much of the early part of Tuesday’s session. XRP/USD over the course of the day, had initially produced double digit gains, as much as 13% at the high.
It appeared the bulls were resuscitated as renewed life was kicked back into them. A fresh wave of buying pressure was seen, starting from the weekend. XRP/USD was below $0.4500, before starting to aggressively climb higher.
XRP/USD has breached a near-term supporting ascending trend line, this can be seen via the 60-minute chart view. The breakout was seen around $0.5378, where the support gave way to the bears. It appears to be some profit taking, given the short and sharp gains seen in this small time period. Support is immediately seen at $0.5245 on the 60-minute. Looking further south, should the bears continue to press low, eyes would be back on the psychological $0.5000 mark.
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.
