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  • Ripple price on Thursday outperforming its peers, holding chunky gains of some 13% in the session.
  • XRP/USD has the task of breaking down supply zone within the $0.37 region, a push through could open doors to quick move back up and beyond $0.40.

 

The Ripple price was seen up with chunky gains of over 13% in the session, strongly outperforming its peers. XRP/USD took out a huge near-term barrier, which opened the doors to some further buying pressure.

XRP/USD has now seen a big jump of around 35% in the past two sessions, jumping from $0.27 up to current levels within $0.37 territory. After the excessive rally seen on Wednesday, price action briefly consolidated, forming a bullish pennant pattern, of which the bulls smashed through in session (Thursday).

Technically, XRP/USD looks subject to some further upside pressure but must first clear the near-term troublesome $0.37 supply area. A break above would likely see a fast move back above $0.40 and then towards $0.45, where the price was last ranging at the back-end of July. Support is seen at $0.3565, further south would be back above the broken pennant, $0.3300.

 

XRP/USD 4-hour chart