- Ripple price holding onto decent gains on Monday, jumping over 2.5% in the session.
- XRP/USD price action has formed a rising channel formation, resistance is seen at $0.5000 area.
The Ripple price was seen holding solid gains through the mid-point of Monday’s session. Bulls kicked back into life, after three consecutive sessions of losses. Sellers pilled in within the $0.55 territory, forcing a 14% drop in price.
XRP/USD via the 60-minute chart, has formed an ascending channel formation. The shape of this started taking place on 6th October and has confirmed the upper resistance and the tracking support, with the contact that has been made.
Resistance does look tricky at the psychological $0.5000 mark. This is currently where the above trend line of the channel is tracking. All of which is in proximity to the 38.2% Fibonacci. Clear to say for now this will not be an easy area to breakdown, much momentum and buying pressure will be required. Support is eyed at $0.4860, 23.6% Fibonacci and then $0.4750-0.4800, the lower trend line.
XRP/USD 60-minute chart
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