Ripple's XRP Price Prediction: XRP/USD $0.3000 a lost cause – Confluence Detector
- Ripple’s XRP price in the second half of trading on Wednesday is holding heavy losses of some 6%.
- XRP/USD bears are back within firm control as they look to make the $0.3000 mark history.
Ripple’s XRP price on Wednesday in the second half of the session is trading in the red with heavy losses of some 6%. XRP/USD bears regained full control, with $0.3000 under large threat of being lost completely.
XRP/USD has fallen back within the control of the market bears, after swiftly losing upside momentum that was seen earlier in the month. Buyers are attempting to heavily protect the $0.3000, with buying just underneath, but the downside pressure is providing to be too strong.
Looking via the daily confluence detector, firstly the barriers of support; $0.2974, weekly pivot point support, monthly 23.6% Fibonacci. $0.2911, monthly pivot point support, $0.2817, weekly pivot point support. To the upside in terms of resistance; $0.3037, monthly 38.2% Fibonacci, $0.3100, daily pivot point resistance, $0.3131 monthly 61.8% Fibonacci. 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.
