Ripple's XRP Technical Analysis: XRP/USD critical demand zone in play $0.3500-0.3400, a break will call upon $0.3000

Ripple's XRP is being hammered on Thursday, down a big 6.7% in the mid-part of the session.
XRP/USD after being part of a market wide bear attack, remains vulnerable to further downside risks.

Ken Chigbo Independent Analyst

XRP/USD 15-minute chart

XRP/USD price action consolidating around session lows for now, subject to further downside risks.

Spot rate: 0.3460

Relative change: -1.83%

High: 0.3906

Low: 0.3412

Trend: Neutral

Support 1: 0.3642, daily pivot point support.

Support 2: 0.3566, daily pivot point support.

Support 3: 0.3508, daily pivot point support.

Resistance 1: 0.3776, daily pivot point resistance.

Resistance 2: 0.3835, daily pivot point resistance.

Resistance 3: 0.3911, daily pivot point resistance.

XRP/USD 4-hour chart

Price action is being heavily supported by a demand zone seen tracking from $0.3400-0.3300 This has been in play since mid-December.

XRP/USD daily chart

Over the daily time frame, XRP/USD is stuck within a range-block formation.

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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