Ken Chigbo
Independent Analyst
- Ripple’s XRP is trading in minor positive territory late on Tuesday, up with gains of 0.30%.
- XRP/USD price action continues to narrow within a triangular pattern formation, subject to a breakout.
Ripple’s XRP price late on Tuesday was seen trading in very minor positive territory by some 0.30%. It has been another generally muted day in terms of price action. XRP/USD remains locked within the confinements of a bearish triangular structure.
XRP/USD has done little when looking at the price action since 27th February, something that is seen pretty much across the market. Given the movement within the above noted formation, the price is narrowing greatly and is subject to an imminent breakout.
Observing the key barriers on both the support and resistance front, firstly upside resistance should be noted at; $0.3145, 61.8% daily Fibonacci and 5/10 daily SMAs, $0.3178, 61.8% weekly Fibonacci and daily pivot point resistance. To the downside; $0.3080, daily pivot point support, $0.2982, weekly pivot point support.
XRP/USD daily confluence detector
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