XRP/USD Technical Analysis: More Selling Pressure
Main points to consider today.
- Ripple’s XRP price today is consolidating between $0.27100 and $0.27850.
- Resistance was broken on volume spike with immediate retracement.
- XRP still needs to pass the price level of $0.285 for bulls to take control.
XRP/USD 1 hour chart
XRP/USD price is still fluctuating in the zone of consolidation. The current level of support is $0.27100, whereas resistance at the moment is $0.27850. That level of resistance was already broken once on higher than average volume and high momentum. However, the candlestick formed a high tail with a price immediately retracing to the consolidation zone. The selling pressure may force XRP/USD price to look for new support in the region of $0.26600, before a trend reversal.
The bulls are still not applying enough purchasing pressure for the price to go above the current resistance and liquidity area. The $0.28500 is still a barrier that bulls need to tackle and break in order to regain control of the market.
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