Ripple’s XRP price prediction: XRP/USD bulls eyed fast $0.50 return - confluence detector
- Ripple’s XRP on Tuesday in the second part of the session is holding decent gains of some 2.80%.
- XRP/USD bulls have seen a strong surgent of life, as they look to retest the high area of the month, with sights still on $0.5000 return.
Ripple’s XRP price in the second part of the session on Tuesday is holding gains just shy of 3%. The bulls managed to find some life again after an initial slow start to the day, XRP/USD was trading down some 2% at one point.
The upside pressure from the bulls, is seeing XRP/USD head back towards a retest of the May high area, around $0.4700. It appears to be the last major barrier in the way of a return to $0.5000 territory.
Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $0.4583, weekly pivot point resistance, $0.4675, monthly pivot point resistance. To the downside, $0.4396, daily 23.6% Fibonacci, $0.4210, monthly and weekly pivot point support, daily 61.8% Fibonacci.
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.
