Search ForexCrunch
  • XRP/USD jumps over 5% in afternoon trading, thanks to some renewed buying within demand area.
  • Bullish flag pattern is still eyed, viewed on the 4-hour chart. Breakout north a possibility.

Ripple’s XRP was seen up around 1% in the latter stages of trading on Wednesday, after initially being suppressed for the first half of the session. The bulls however failed to sustain some of that upside momentum, falling short within a supply area, early $0.4600 region.

XRP/USD caught a decent bid within a known demand zone, sub-$0.4400, around $0.4350 buyers swooped in. Enjoying a fast-money spike of some 5%, before cooling off, running into resistance, and giving back partial gains.

As can be seen via the 4-hour chart view, a bull flag set up is still eyed. XRP/USD bulls were cut short by the upper trend line of this pattern. Looking subject to head back towards the lower support, eyed at $0.4300.

 

XRP/USD 60-minute chart

XRP/USD 4-hour chart