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Ripple’s XRP Price Prediction: XRP/USD remains a sitting duck to bear attack – Confluence Detector

Ripple’s XRP once again on the back foot, nursing losses of 2% towards latter part of the day.
XRP/USD bears smashed out from a near-term rising wedge pattern formation.

Ken Chigbo Independent Analyst

Ripple’s XRP price is seen nursing losses of around 2% towards the latter part of trading on Friday. The bears continue to take every opportunity to put the pressure on XRP. It is heading for a negative weekly close, after two straight weeks of gains.

XRP/USD was victim to selling pressure after the price was forced out of a rising wedge pattern formation, seen via the 30-minute chart view. This has seen some demand called into play at the $0.3500 region.

Looking at the daily confluence detector, there isn’t too much in the way of chunky barriers. Next line of support can be noted at $0.3481, daily pivot point support. Further south, $0.3260, which is a monthly pivot point support.

XRP/USD daily confluence detector

XRP/USD 30-minute chart

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.

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