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Ripple Price Analysis: XRP/USD daily chart view still looks favorable to the bears for now

FX Street
Updated:
  • Ripple price see down around almost 12% during trading on Thursday, after receiving a wave of pressure overnight.
  • XRP/USD manages to receive some short term buying, within a demand zone, within the $0.4000-0.3800 region.

 

The Ripple (XRP) price on Thursday came under extreme downside selling pressure, seen down almost 12% in the session. Seller pilled in during the overnight session, a large domino effect seen across the crypto market.

XRP/USD pushed to the lowest levels seen since 20th September, when the market was within a chunky bull run. In terms of news flow this week, Banco Santander noted that they will use Ripple’ ledge, which will bring payments across the bank’s OnePay FX platform.

Technically, XRP/USD has dipped within another huge area, tracking from $0.4000-0.3800. The during a chunky sell-off in August, the price took a moment here, before then removing its fall. It went on to drop to a low of around $0.2515, in a strong demand zone. Should bearish momentum maintain its course, it wouldn’t be too surprising to see history repeat itself. Next major upside resistance is not seen until the $0.4500 territory.

 

XRP/USD daily chart

FX Street

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