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Ripple’s XRP Price Prediction: XRP/USD/USD set for another big $0.3000 retest – Confluence Detector

  • Ripple’s XRP nursing losses of some 1% in the latter part of Friday’s session.
  • XRP/USD bears are gunning for another retest of the $0.3000 mark to the downside.

Ripple’s XRP price was seen nursing losses late on Friday of around 1%, as the bears-maintained control of the direction. The bulls briefly sparked into action earlier in the week, seen on 30th January, but failed to maintain upside momentum.

XRP/USD saw a jump of some 12% on Wednesday in a very explosive fashion. Bears have managed to force a 50% reversal of those initial gains. The initial move came after the price dipped into a strong demand zone, $0.3000-0.2500.

Given current downside momentum, immediate support is eyed at $0.2800, which is a lower acting trend line of a descending wedge formation seen. In terms of barriers of support, looking via the confluence detector; $0.3094, monthly 23.6% Fibonacci, $0.2934, weekly pivot point support and then $0.2774, monthly pivot point support.

XRP/USD daily confluence detector 

Author

Ken Chigbo

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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