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Ripple's XRP technical analysis: XRP/USD bulls hit by big barrier within $0.3000 region

  • Ripple's XRP price on Thursday is trading heavily in the red by some 9%.
  • XRP/USD price action broke out from a bearish pennant structure and is heading for a retest. 
  • The bulls ran into a heavy supply area within the big pychological $0.3000 price mark. 
Ripple's XRP technical analysis: XRP/USD bulls hit by big barrier within $0.3000 region
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.2863

Relative change:      -9.05%

High:                         0.3137

Low:                          0.2827

XRP/USD daily chart

  • A harsh rejection was seen after the bulls had led the price back into the $0.3000 territory. 

XRP/USD 60-minute chart

  • Via the 60-minute chart view, a demand zone can be seen running from $0.2900 - 0.2850, preventing further selling pressure. 

Author

Ken Chigbo

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.

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