Ripple’s XRP Price Prediction: XRP/USD explosive breakout due – Confluence Detector
- Ripple’s XRP price is holding minor gains of just 0.5% late on Tuesday.
- XRP/USD has another day within the mundane daily trading range.
Ripple’s XRP price was seen up in the latter part of Tuesday, holding modest gains of some 0.50%. The same story continues, as a lack of commitment is seen from either buyers or sellers, across the market.
XRP/USD is moving within the range-bound formation, subject to a breakout south. The structure could be eyed as a bearish flag pattern. Key near-term support can be eyed at $0.3150, the lower part of the mentioned block. Given the extent of time XRP has been trading within this, a breakout must be expected.
In terms of the daily confluence detector, big barriers should be noted. Firstly, to the upside; $0.3224 (daily 38.2% Fibonacci) & weekly 23.6% Fibonacci, $0.3257 (daily pivot point). To the downside; $0.3190 (61.8% Fibonacci).
XRP/USD 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.
