Ripple price takes time to consolidate before next move

The Ripple price was down as much as 22% during trading on Tuesday
Price has bounced around strong supporting area
Market awaiting next defining direction for XRP/USD

Ken Chigbo Independent Analyst

The Ripple price has taken time to consolidate in recent trade on Tuesday, after starting the day down as much as 22%. XRP/USD did print lows around $0.57, before recovering and flirting around key support seen at $0.64.

A continuation of heavy market selling has now prompted consolidation across the board, the next defining direction for Ripple will soon become clearer. The SEC hearing has not been harsh on cryptocurrencies in general, or any plans to implement strict guidelines currently in relation to the trading within the digital currency market.

XRP/USD is consolidating within a key support zone, the area the price was previously in the back end of December 2017, before the large market bull run.

XRP/USD daily 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.

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