Ripple price prediction: Slides from one resistance channel into another – Confluence Detector
|- Ripple encounters the second worst selloffs of January 2019.
- XRP/USD likely to breakdown further than correct higher in this week’s trading.
Ripple is seen attempting a recovery following one of the most acute declines last week. The fall occurred on Sunday 21. Similarly, the declines were recorded across the board as the majority of cryptos tumbled through key support levels. The market recorded a loss of $5 billion as the digital assets dumped.
At present, Ripple is trading at $0.322 after making a small upwards move from the lows traded yesterday at $0.316. The drop yesterday was the second sharp drop in January. The initial drop took place on January 10, 2019, after the bulls failed to sustain momentum above $0.38. The waterfall drop failed to find support within the ranging channel that has an upside limit at $0.38 and support at $0.34.
While the bulls found support at $0.32, Ripple has been stuck in yet another range resistance having a limit at $0.34 and range support at $0.31. Looking at the chart, technical indicators show that it will be an uphill task for XRP to escape the two stubborn range resistance.
According to the Confluence Detector tool provided by FXStreet, XRP/USD will face immediate strong hurdles at $0.3236, $0.3269 as well as $0.3303. If the bulls can sustain growth above the key hurdle at $0.3303, XRP will have minimal hurdles towards $0.38. It is expected that a breakout will take place at this point opening the door for further movement above $0.4 before the end of this week.
Unfortunately, the digital asset does not have as many support levels as there are resistance levels. However, short-term support is established at $0.3202 while the only immediate strong support is highlighted by the tool around $0.3169. A drop below this could see more devastating breakdowns below $0.30, besides it will not be surprising to see XRP/USD refresh the lows close to $0.28.
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