Ripple’s XRP Price Prediction: XRP/USD sees big defense at $0.3000 - Confluence Detector
- Ripple’s XRP in the latter part of trading on Monday was trading firmly in negative territory, down some 2%.
- XRP/USD bears extend to the downside following a critical ascending trend line support breakout.
Ripple’s XRP late in the session on Monday was nursing losses of around 2%, as the bears piled the pressure back. XRP/USD is running at the second consecutive daily closure in the red, with the price back to cooling, which began to pick up pace on 21st March.
XRP/USD is retesting the big psychological $0.3000 mark to the downside, a break below could invite a further chunky wave of selling pressure. A strong area of demand is noted running from $0.3000 down to the $0.2500 price territory.
Given current downside momentum, eyes must be on the next big areas of comfort. Firstly; $0.3012, daily pivot point support, $0.2886, last month low, $0.2855 monthly pivot point support. In terms of upside barriers; $0.3044, daily pivot point resistance, $0.3107, monthly 61.8% Fibonacci and weekly 23.6% Fibonacci.
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.
