XRP/USD growth hampered by strong levels of resistance - Confluence Detector
|- XRP/USD’s price dropped from $0.319 to $0.309 this Wednesday.
- Bulls face huge stacks of resistance levels up ahead with just one moderately strong line of support.
XRP/USD took over the market this Wednesday, bringing its price down from $0.319 to $0.309. The bulls face an uphill battle up ahead as the daily confluence detector shows strong lines of resistance up ahead. The XRP/USD market is also supported by only one moderate line of support.
XRP/USD daily confluence detector
Resistance levels lie at $0.332, $0.325, and $0.315-$0.32. Confluence congestion on those levels are as follows:
- $0.332: Daily 61.8% Fibonacci retracement level.
- $0.325: Hourly Bollinger band upper curve, monthly 38.2% Fibonacci retracement level, and daily 38.2% Fibonacci retracement level.
- $0.315 - $0.32: 50-day simple moving average (SMA 50), SMA 100, SMA 5, 4-hour previous high, weekly 61.8% Fibonacci retracement level, SMA 10, 4-hour Bollinger band middle curve, daily previous low, and hourly Bollinger band middle curve.
The only significant line of support lies at $0.30 which sees a confluence of the previous week low and monthly pivot point support 1.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.