Ken Chigbo
Independent Analyst
- Ripple’ XRP is back under pressure once again on Friday, nursing losses of 2.7%.
- Key price areas to note are; $0.4100-0.4000, then $0.3800 (11-12 October low area). Further south, eyes would be on $0.3000-0.2500.
Ripple’s XRP further bleeding on Friday, down 2.7% well into the second half of the trading session. XRP/USD resuming the strong bearish trend, not giving any indication of this changing soon. Bears continue to test vital near-term support, from $0.4100-0.4000.
The daily candlestick for Friday, has breached a supporting ascending trend line. This leaves the door open to another wave of selling pressure. Currently trading at the lowest level seen since 14 - 15th October.
Should the $0.4100-0.4000 area fail to hold, a fast move down to $0.3800 will very likely be seen. This is the next major area of support, low area between 11-12 October. If bearish momentum maintains its current course, then It could force a break, seeing a deep drop down to $0.3000-0.2500, XRP/USD last traded down here on 12th September.
XRP/USD daily chart
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