Ripple’s XRP Price Prediction: XRP/USD must breakdown $0.35-0.35 – Confluence Detector
- Ripple’s XRP price is seen trading up in positive territory by around 5% in the latter part of the session.
- XRP/USD bulls have extended to the upside as buying pressure picks up pace, following a pennant pattern breakout.
Ripple’s XRP was seen holding decent gains of 5% in the latter part of the session on Tuesday, as the bulls extend further to the upside. XRP/USD has been trading within a pennant pattern structure, which the bulls managed to escape, inviting greater buying pressure over the past few sessions.
XRP/USD as noted above, was moving within the pennant for nine sessions, within consolidation mode, before it was able to break free. This came after an initial aggressive surge higher out from a descending wedge from December-February.
Looking via the daily confluence detector, there are some barriers in the way of greater upside. $0.3513, 61.8% monthly Fibonacci, 100SMA (daily), $0.3655, daily pivot point resistance and lastly $0.3725, which is a monthly pivot point resistance.
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.
