Ripple’s XRP Price Prediction: There is little in terms of support until $0.30 mark – Confluence Detector
- XRP is under pressure and has been edging lower since the 24th December.
- There is little in way of major support until the demand zone, $0.3000-0.2000. The bear market may not be over just yet.
Ripple’s XRP has remained firmly on the back foot on Thursday, nursing losses of over 4% towards latter stages of the day. The price has been cooling since the 24th December, after bulls lost upside momentum.
XRP/USD is demonstrating several bearish confluences pointing to further downside pressure. Looking at the daily confluence detector, the next major barrier of support is seen at $0.3546, weekly 38.2% Fibonacci. Further south; $0.3470, 4-hour lower Bollinger Band $0.3278, weekly 61.8% Fibonacci.
Other than the specific barrier levels, the major zone for demand is seen much south. Eyes would be on $0.3000-0.2000, to find strong buying interest. This recent cooling has raised concerns that they strong 2018 bear market may not be over just yet.
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.
