- Ripple’s XRP jumps a chunky 7% in the session on Monday, as the upside momentum returns.
- XRP/USD price action managed to force its way in an explosive nature out from a flag pattern formation.
Ripple’s XRP was seen holding decent gains of around 7% in the latter part of Monday’s session, embracing a return to upside momentum. XRP/USD was able to move to its highest levels seen since 31st January.
XRP/USD bulls forced an explosive breakout to the upside from a bullish flag pattern formation. This had been taking shape from 8th February, gradually cooling to the downside within the flag. Playing to the textbook the price moving to the upside, having attracted an additional wave of buying following the breach.
Looking to the upside, near-term supply can be observed around the mentioned 31st January high area. Aside from this, in terms of the daily confluence detector, there are some big barriers of resistance to note; $0.3268, weekly 161.8% Fibonacci and monthly 38.2% Fibonacci, $0.3305, weekly pivot point support.
XRP/USD daily confluence detector
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