Ripple Price Analysis: XRP/USD cushioned by support, potential for another break higher as price action narrows

• The Ripple price is nursing sizeable losses of over 3% in the session on Tuesday, as price continues to cool post weekend highs.
• XRP/USD downside is being kept to a limit for now, as an ascending trend line provides some comfort.  

The Ripple price on Tuesday was trading firmly in the red, down over 3% in the session. XRP/USD continues to edge lower, post the high printed over the weekend, above $0.62. It has run into a touted supply area, this will naturally be the next big upside target to be tested.

XRP/USD price action of late has failed to commit in terms of firm market direction. It can’t be taken away from the bulls, the decent progress seen in the price recovery. Ripple is still up over 100% at current levels, after the strong momentum pick up down within $0.27 territory.

Technically, the price is being supported, with further downside being kept to a minimum for now, thanks to a supporting ascending trend line. Above sees a descending trend line, causing price action to narrow. A possible bull flag is also eyed on the 60-minute chart view. Resistance to the upside is eyed at $0.5665, then $0.5800, 23.6% Fibonacci. Support observed at $0.5540, 38.2% Fibonacci and lower ascending trend line.

XRP/USD 60-minute chart