- 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
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