- Ripple stays above the support at $0.3200 while the upside is capped below $0.3300.
- Sideways trading likely to continue while recovery hopes dwindle.
The 4-hour chart for XRP/USD shows that the third largest cryptocurrency by market capitalization has no shortage of support levels. However, the upside is still limited below $0.3300 which will come to see using the confluence detector that it is the strongest hurdle. As shared in an earlier price overview, XRP/USD is still dancing at the 38.2% Fib retracement level taken between the last upswing of $0.3700 and a downswing of $0.2876.
Ripple key technical levels: confluence detector
According to the confluence detector tool provided by FXStreet, Ripple will face resistance at $0.3290. A zone highlighted by the previous high on the daily chart and the previous month high. Marginally above this zone is the strongest hurdle, $0.3323: Pivot point 1-day R1, pivot point monthly R1, the 23.6% Fib level weekly, Bollinger band 4-hour upper and the 50 SMA 4-hour. This level is viewed as a breakout point that would place XRP into a trajectory towards $0.3391 hurdle in preparation for an assault on $0.3400 and $0.3700 (April high).
As mentioned above XRP does has no shortage of support levels with the initial one lying at $0.3256: Previous low 15-minutes, Bollinger band 1-hour middle, Bollinger band 4-hour middle, 5 SMA 15′, 100 SMA 1-hour, 5 SMA 4-hour, 23.6% Fib level daily, Bollinger band 15′ upper, 10 SMA 4-hour, 100 SMA 15′ and the 38.2% Fib level daily among other indicators.
The second support to look out for $0.3222 with a confluence of indicators including the 61.8% Fib level daily, Bollinger band 15′ lower, previous low 4-hour, Bollinger band 1-hour lower, 200 SMA 15′, 50 SMA 1-hour and the 50 SMA daily. The tool shows other support zones at $0.3155, 0.3087, $0.3054, $0.2986 and $0.2919.
Prediction: Traders can expect Ripple to stay above the support at $0.3200 in the coming sessions while its upside will continue being capped around $0.33 level.
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