- XRP’s path to $0.34 is laced with several critical resistance hurdles.
- As far as support levels are concerned, XRP is treading on dangerous ground.
It is another Monday where the crypto market is in the red as cryptocurrencies bleed. XRP continued with the up and down trading throughout last week. However, the bears started tightening their grip on Sunday. XRP/USD broke below the support we discussed in Friday last week at $0.3150. The unstoppable downtrend failed to find support at $0.310 and $0.3050 but the buyers managed to defend the support at $0.30.
Technical Confluence Detector levels
According to the confluence detector tool, XRP path to $0.34 is laced with several critical resistance hurdles with the strongest observed at $0.3111 – $0.3143. The second resistance is highlighted by $0.3174 – $0.3206 while the third rests at $0.3238 – $0.3270.
$0.3111 – $0.3143: 10-day Simple Moving Average (SMA) 1-hour chart, the 23.6% Fibonacci retracement level 1-week chart, pivot point 1-day S1, 50-day SMA 15-minutes chart, previous high 4-hour chart, the previous low 4-hour chart and the 200-day 15-minutes chart.
$0.3174 – $0.3206: 5-day SMA daily chart, 100-day SMA 1-hour chart, the Bollinger Band 4-hour middle curve and the 38.2% Fib level 1-week chart, the previous high 1-day chart, the Bollinger Band 1-hour upper curve and 10-day SMA daily chart.
$0.3238 – $0.3270: The 161.8% Fib retracement level in the daily range, pivot point 1-day R3, the Bollinger Band 4-hour upper curve and the 38.2% Fib level 1M chart.
As far as support levels are concerned, XRP is treading on a risky ground. $0.2856 – $0.2920 is the only strong support as seen on the confluence detector tool. $0.2856 – $0.2920: Previous month low and PP1M S1.
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