Ripple Price Analysis: XRP/USD well supported in its big bull bounce back

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  • The Ripple price was seen down just shy of 2% in the latter stages of trading on Monday, after being down as much as 5%.
  • XRP/USD is being well supported by an ascending trend line, in its recovery mode.

 

The Ripple price was seen nursing losses of just 2% in the late part of Monday’s session, recovering after an initial soft start, was down some 5% because receiving support. A marginal pullback has been observed across the crypto market, after a decent bull run last week.

XRP/USD is showing great progress and momentum, following a decent bounce at the lows printed 14th August, down at $0.2467. Ripple has managed to recover a chunky 41% at around current levels, after dealing heavy bout of selling pressure seen at the early part of August.

Technically, as mentioned above, XRP/USD is being very much supported by an ascending trend line, tracking from the lows of 14th August, where a decent demand zone is also seen. Near-term barrier for the bulls remains within the $0.36-37 region. Should the bulls manage to turn up momentum, a burst of buying pressure could see a push through the barrier, quickly moving above the $0.40 territory.

 

XRP/USD daily chart

 

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