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Ripple’s XRP Price Prediction: XRP/USD bulls are eyeing critical resistance breakdown – Confluence Detector

  • Ripple’s XRP in the latter part of trading on Wednesday was seen holding modest gains of just over 1%.
  • XRP/USD price action has formed a bullish pennant pattern subject to a potential extended move north.

Ripple’s XRP price was seen trading modestly in positive territory, gains of some just over 1% towards the latter part of the session. XRP/USD bulls are maintaining upside momentum, with next move being calculated.

XRP/USD price action via the 4-hour chart view has formed a bullish pennant pattern, subject to an extended breakout to the upside. Should the bulls capitalize on this structure, then an attempt to breakdown chunky resistance up at $0.3400-0.3500 range could be seen.

Looking via the daily confluence detector at the next major barriers; $0.3342, 61.8% daily Fibonacci, $0.3411, 38.2% Fibonacci, and $0.3479, 61.8% monthly Fibonacci. Aside from the mentioned confluence levels, near-term resistance is eyed at the upper trend line of the pennant at $0.3350. 

XRP/USD daily confluence detector

Author

Ken Chigbo

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.

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