Ripple’s XRP price prediction: XRP/USD bulls have a chance to leapfrog off bullish structure - confluence detector
- Ripple’s XRP price is trading in the red nursing losses on Thursday evening, of some 2.50%.
- XRP/USD price continues to sit on top of a breached daily pennant structure.
Ripple’s XRP price late in the session on Thursday is nursing losses of some 2.50%. XRP/USD is retesting the breached pennant structure, that the bulls managed to smash out from on 17th June.
The price is flirting with the upper acting trend line of the noted pattern, by sitting above, using as support. It has so far played out to the textbook, with the breakout and retest. The bulls will now need to capitalize on this.
In terms of key technical levels via the daily confluence detector to be aware of, to the downside; $0.4217, weekly pivot point support, $0.4173, daily 10SMA, $0.4129, daily pivot point support. To the upside; $0.4305, daily 61.8% Fibonacci, $0.4188, weekly pivot point support, $0.4097, daily pivot point support.
XRP/USD daily confluence detector
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
