Ripple price prediction: XRP/USD halts surge as bears' revenge sets in – Confluence Detector
|- XRP surged amid declining crypto prices hitting highs around $0.4624 before retreating to $0.4300 support.
- The 61.8% key support is essential for a reversal while trading below it could break down XRP towards $0.4000.
Ripple has been riding on the news of the partnership with MoneyGram. The news reverberated across the crypto space following the press release on Monday. XRP surged amid declining crypto prices hitting highs around $0.4624.
As the news settle, Ripple has since retreated from the intraday high and even dropped below the trendline support we discussed earlier today. Meanwhile, the losses are holding on to the 61.8% Fib level taken between the last high at $0.4624 and a low of $0.3915.
The confluence detector tool places the initial resistance at $0.4349 while XRP is trading at $0.4334 at press time. Various indicators converge at this level, they include the SMA 50 1-h and the SMA 10 4-h.
Marginally above this is the second resistance at $0.4373 (seller congestion zone) and is highlighted various converging including the 5 SMA 15-min and the BB 15-mins middle and the 5 SMA 1-h among others. Correction beyond this will have to overcome the resistance at $0.4422 and $0.4617 before attacking $0.5000.
On the downside, key support areas are at $0.4324, $0.4276, $0.4202, $0.4129 and $0.4105.
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