- Ripple’s XRP slammed on Thursday, nursing steep losses of some 5% towards latter part of the day.
- XRP/USD still has an opportunity to breakout higher, a bullish pennant pattern can be eyed via the daily.
Ripple’s XRP has been hard hit in the session on Thursday, nursing chunky losses of over 5% on the day. The bears have regained control after what has been a choppy and direction-less week so far. There was some hope after hitting $0.4000 territory, but bulls failed to break this very stubborn area down.
Despite this downside, there is still some light at the end of the tunnel. Price action is still moving within a bullish pennant pattern formation, which technically is subject to a breakout. The above trend line of this is seen around $0.3830-50 area.
Looking at the daily confluence detector a large barrier of support can be see down at $0.3511, which is the monthly 38.2% Fibonacci and daily 161.8% Fibonacci. Further to the downside, eyes on $0.3249, monthly 23.6% Fibonacci.
XRP/USD daily confluence detector
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