Ripple’s XRP Price Analysis: XRP/USD price subject to an explosive breakout from descending wedge – Confluence Detector
|- Ripple’s XRP is seen trading in minor positive territory on Monday evening, gains of just 0.05%.
- Price action via the daily for XRP/USD, is moving within a descending wedge pattern, subject to a breakout.
Ripple’s XRP in the latter part of Monday was seen trading with very minor gains of some 0.05%. Price action can be observed narrowing greatly, within a wedge pattern formation. Market participants continue to hesitate at committing to a firm direction.
Despite the lack of strong commitment, price action is gradually grinding lower. Given the large tightening in price movement, an explosive breakout could very well be likely. This would be playing out to the textbook, in seeing the move to the north from the descending wedge.
Looking via the daily confluence detector, there are some big barriers to note, seen above and below the current price. To the upside; $0.3067, daily 61.8% Fibonacci, $0.3099, monthly 23.6% Fibonacci. In terms of downside; $0.3004, daily 23.6% Fibonacci, $0.2973, daily pivot point support.
XRP/USD daily chart
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