XRP/USD growth hampered by strong levels of resistance - Confluence Detector

XRP/USD’s price dropped from $0.319 to $0.309 this Wednesday.
Bulls face huge stacks of resistance levels up ahead with just one moderately strong line of support.

Rajarshi Mitra Independent Analyst

XRP/USD took over the market this Wednesday, bringing its price down from $0.319 to $0.309. The bulls face an uphill battle up ahead as the daily confluence detector shows strong lines of resistance up ahead. The XRP/USD market is also supported by only one moderate line of support.

XRP/USD daily confluence detector

Resistance levels lie at $0.332, $0.325, and $0.315-$0.32. Confluence congestion on those levels are as follows:

$0.332: Daily 61.8% Fibonacci retracement level.
$0.325: Hourly Bollinger band upper curve, monthly 38.2% Fibonacci retracement level, and daily 38.2% Fibonacci retracement level.
$0.315 - $0.32: 50-day simple moving average (SMA 50), SMA 100, SMA 5, 4-hour previous high, weekly 61.8% Fibonacci retracement level, SMA 10, 4-hour Bollinger band middle curve, daily previous low, and hourly Bollinger band middle curve.

The only significant line of support lies at $0.30 which sees a confluence of the previous week low and monthly pivot point support 1.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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