Ripple’s XRP stuck in a tight range- Confluence detector
|- Ripple slips below $0.3; the path of least resistance is to the downside.
- XRP/USD is strongly supported at $0.2903 and $0.2717.
Ripple XRP is seen trading at $0.29 at the time of writing. The asset fell victim to the bear pressure in the market yesterday. XRP/USD waterfall drop broke the support at $0.30 alongside a widespread market downside trend.
Ripple as a company is still working to ensure that the global financial system is revolutionized especially when it comes to cross-border payments and other remittances. Ripple is setting the ball rolling in the Asian region, besides it is working on opening an office in the Middle East. As reported yesterday, there is a firm that is soon launching Ripple-based payments between Asia and UAE.
Marginally above the current price, there is resistance at the 50 SMA. The biggest barrier is at $0.3088 (close to the 100 SMA in the 1-hour range). Ripple must first recover beyond the broken support at $0.30, a move that is likely to open more gains towards the rejection area and equally the barrier at $0.3243. There will be a high concentration of sellers at this position on the daily confluence detector tool.
On the downside, a support can be seen at $0.2903. Ripple is likely to test this support area before the end of the trading session today. However, a second support can be observed at $0.2717. If the price drops below this level in the coming few days, XRP/USD could spiral further towards $0.25 and even test $0.2 (likely bottom before reversal).
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