Ken Chigbo
Independent Analyst
- XRP/USD sees chunky recovery in the second half of Monday, jumping 7%.
- Aside from a couple barriers via the confluence detector, there isn’t too much in the way of full recovery from latest drop, triggered last week.
Ripple’s XRP initially started the session on Monday, trading broadly flat for the first part of the day. However, well into the second half of the day, a surge of upside rippled across the market. As a result, XRP/USD is now seen up some 7%.
Looking via the daily chart view, XRP/USD was just a step a way of dropping down to sub-$0.3000. Significant daily support kicked in just below $0.3200, otherwise the price could have been back trading within the $0.2800 price territory.
In terms of the daily confluence detector, eyes on chunky barriers to the upside, that could cause the bulls some problems in their recovery. Firstly, $0.3493, weekly 38.2% Fibonacci and then $0.3528, monthly 38.2% Fibonacci, daily 50SMA, daily 161.8% Fibonacci.
XRP/USD daily confluence detector
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