Ripple’s XRP Price Prediction: XRP/USD an explosive move to $0.50 eyed – Confluence Detector
- XRP/USD was trading broadly flat in the late part of Monday, after an initial slow start to the session.
- Price action is moving within a bullish pennant pattern structure, subject to a breakout.
Ripple’s XRP managed to pick up some momentum to the upside, towards the latter part of trading on Monday. This comes after a slow start to the day, XRP/USD was initially nursing losses, following a rejection at the upper trend line of a pennant structure.
XRP/USD continues to move within the above described, a bullish pennant pattern, which is subject to a breakout. Looking via the daily confluence detector, there isn’t too much in the way of chunky barriers. The most notable seen at $0.3913, monthly 61.8% Fibonacci, then $0.4030, weekly pivot point resistance. In terms of support, a big barrier can be eyed at $0.3680, 10SMA, 38.2% Fibonacci, then $0.3641, weekly 38.2% Fibonacci, daily 61.8% Fibonacci.
As detailed, the bulls are subject to a potential explosive move to the upside. Upper trend line resistance is tracking at $0.3900. If a breach is seen, XRP/USD could very likely breach $0.4000 troublesome resistance, to then see a fast rocket back towards $0.5000 territory.
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.
