- XRP/USD tanks to drop below $0.3000 mark, lowest level since September.
- Eyes are on the big bull buying area of $0.3000-$0.2000. Historically has proven to see large interest come into play at this level.
XRP/USD was slammed aggressively this week, as selling pressure heavily intensified late Thursday into Friday. The market resuming the chunky downside the was seen throughout the month of November. As a recap, this bearish trend started on 7th November, where the price was up at the heights of $0.57. There was hope across the market at the time, with XRP/USD signaling it was back on its journey to the north. That optimism has since unravelled with the total market plunging over the course of the past month.
XRP/USD 4-hour chart
On 25th November, the sellers ran very much exhausted, following the excessive weeks of selling. The price managed to form a bottom, which was seen at $0.3290. A decent bounce materialized, as the bulls capitalized in driving the price up to the $0.40 territory. However, being very much short-lived, with the price running into sellers, which were containing any upside. The days after that original push to test $0.40 on the 28th November, were weighted to the downside. XRP/USD has been edging lower since, failing to maintain any small upside seen. As a result, the recent mentioned bottom was breached.
Big Bull Buying Area
Given then the recent break lower, eyes are now in search of another ‘bottom’ or buying area to see XRP/USD elevate again. As detailed in an article two weeks ago, the next major territory that is going to interest bulls, ranges from $0.3000-$0.2000. The observation of that previous mentioned article was that there is one last barrier to this vital area.