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Ripple's XRP Technical Analysis: XRP/USD critical demand zone is being tested by the bears

  • XRP price in the second half of the session on Wednesday is nursing losses of some 0.25%, as the price gives up $0.4000 territory. 
  • The bears have been in control since the high area produced late in May, up around
  • The next major demand zone seen via the daily runs from 0.3900-0.3500 range. 
Ripple's XRP Technical Analysis: XRP/USD critical demand zone is being tested by the bears
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 0.3969

Relative change:      -0.25%

High:                        0.4062

Low:                         0.3924

XRP/USD 60-minute chart

  • Price action breached and retested a key near-term ascending trend line of support, leaving the door open to further downside. 

XRP/USD daily chart

  • The price is very reliant on major demand zone, $0.3900-0.3500 holding. 

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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