- XRP/USD near-term demand zone being penetrated by the market bears.
- $0.4900 is a key level to note, further south; $0.4600 and then $0.4400.
Ripple’s XRP is nursing steep losses in the second of Wednesday’s session, down just shy of 4% on the day. The market across the board is observing a generally bearish sentiment. Most major altcoins seeing their recent bull run giving the gains.
XRP/USD continues to flirt with the big psychological $0.5000 mark, as bears further penetrate this area. A large demand zone is being tested, with the 8 November low being towards the low end of this. Should a firm breach be made of $0.4900, this could open the door to large selling, eyes would then be on $0.4600.
Technically, as mentioned above, the key level near-term is $0.4900, buyers are seen camped within this area. Further downside targets should be noted at $0.4600, consolidation area seen between 4-5 November, then $0.4400, bottom area seen at the back end of October.
XRP/USD 60-minute chart
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