Home Ripple Price Analysis: XRP/USD bulls looking to smash through $0.40 and beyond, just a small barrier in the way
Crypto News

Ripple Price Analysis: XRP/USD bulls looking to smash through $0.40 and beyond, just a small barrier in the way

  • 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

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.