Ripple's XRP Price Prediction: XRP/USD still trying to breakdown major barrier 0.4700-0.4800 - confluence detector
- Ripple’s XRP on Wednesday in the second part of the session is nursing losses of some 1.7%.
- XRP/USD is very much moving back within consolidation mode, after a surge of momentum during Tuesday’s session.
Ripple’s XRP price in the second part of the session on Wednesday is holding minor gains of some 0.5%. The bulls did manage to find some life late on Tuesday, however, seemingly taking a breather from that momentum for now.
XRP/USD broke out from a bullish pennant pattern structure in the backend of the session on Tuesday, which invited a strong wave of buying pressure. It printed the highest level seen since 16th May.
Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the downside; $0.4361, daily 61.8% Fibonacci, $0.4269, monthly pivot point support. To the upside, $0.4453, daily 38.2% Fibonacci, $0.4499, daily 23.6% Fibonacci, $0.4683, daily 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.
