Ripple Price Analysis: XRP/USD jumps over 3% in 10 minutes with big spike in volume

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  • Ripple price was seen up over 2% in the latter stages of trading on Wednesday, after suffering most of the session.
  • XRP/USD sees large volume spike with jump in price, as bulls push back into $0.26 territory, now testing $0.27.

 

The Ripple price on Wednesday seen up over 3% in the latter stages of trading, after being firmly in negative territory initially. XRP/USD received big buying within the $0.25 area, seeing a large spike in volume.

XRP/USD bears were gaining large momentum to the downside, as eyes were on a test of the low printed on 14th August down at $0.2466. Indicators were still heavily stacked in the favour of a continued press lower, when the bounce came the RSI on the 60-minute chart was only floating around 39.

Technically, there is an immediate barrier for XRP/USD seen at $0.2702, where a descending trend line is tracking, which has been running from 7th September, up at highs of $0.3630. Should the bulls manage to break above, a push up to $0.2900 could be seen. Support is eyed at the 50MA on the 60-minute chart at $0.2625, seen within a chunky demand area.

 

XRP/USD 60-minute chart

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